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Australian bank offers crypto services: CEO speaks of FOMO



The fear of missing out on something is known as FOMO (Fear of missing out). The term has established itself, particularly in the cryptocurrency sector. The unbelievable price rally of the Memecoins Shiba Inu (SHIB) has also recently proven this. But not only private investors, but also large banks are falling into fear. This is how the statements of Matt Comyn, CEO of the Commonwealth Bank of Australia (CBA), can at least be understood. The CBA is one of the "Big Four" banks in Australia, which has meanwhile opened up to the cryptocurrency sector.

Comyn doesn't think blockchain technology is disappearing anytime soon

The bank had already decided at the beginning of November to offer crypto services to its customers. The bank supports ten cryptocurrencies via its own banking app. Across from BloombergComyn has now stated that the risks associated with introducing the crypto services are significantly lower than the risks associated with missing out on crypto. The CEO on the introduction of crypto services: “We see risks in participating, but we see greater risks in not participating. It's important to say that we don't look at asset price itself, we see it as a very volatile and speculative asset, but we also don't think the sector and technology will go away anytime soon. "

Comyn is also positive about other adoption opportunities in the cryptocurrency sector. The bank sees many use cases for blockchain technology. Consumer demand is also increasing. Decentralized Finance (DeFi) is a booming sector in the cryptocurrency space. Even the US Securities and Exchange Commission had highlighted the advantages of Defi .

“And that's why we want to understand it, we want to offer customers a competitive offer with the right disclosure of risks. We want to build skills in and around DLT and blockchain technology, ”continues Comyn. So he definitely sees potential in the cryptocurrency sector.

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