Australia’s Largest Bank Looking to Increase Crypto Services

Sophie Gilder, Head of Blockchain and Digital Assets, Commonwealth Bank of Australia (CBA), revealed that the bank could offer more cryptocurrency services to its clients. In addition, she revealed that the bank plans to double its blockchain team over the next few months.

“Crypto is here to stay”

In recent months, Australia has been steadily expanding its presence within the cryptocurrency world. The nation’s largest financial institution, Commonwealth Bank of Australia (CBA), announced that it would allow its customers to purchase, sell and hold digital assets including bitcoin and other ether at the end of 2021. It was the first Australian organization to offer such opportunities.

At Australia’s Blockchain Week conference Sophie Gilder, a top executive of the CBA, stated that users have shown great enthusiasm towards the initiative.

“CommBank crypto was launched in December. The response has been very positive.” Customers who have not been allowed into the pilot program yet are our biggest complaint.”

Gilder also stated that the bank plans to offer additional cryptocurrency services in order to meet the “full range of consumer needs.” In addition, she said that CBA plans on increasing the size of its Blockchain division through 2022. This is a prediction that the asset class will continue to evolve.

Anthony Jones, Head of Innovation and Fintech for Visa Australia, opined in a similar manner to Gilder. He believes that the cryptocurrency industry is now “truly mainstream”:

“We believe that widespread mainstream adoption is here and will continue to be so.”

Jones asserted that digital assets can be used as a hedge instrument or a store value that is uncorrelated and diversified. This thesis has been supported for some time by a number of prominent people. These names include Jordan Peterson, Dr. Saifedean AMmous, Barry Sternlicht.

Who Else Believes that ‘Crypto Is Here to Stay?

BlackRock’s Chief Information Officer Rick Rieder is one of those who believes cryptocurrencies aren’t a temporary fad that will fade in the next years. He claimed that bitcoin played an integral role in digitizing the world and predicted it would “be here to stay” in 2020.

“I believe that digital currencies and their receptivity are real, especially millennials’ receptivity to technology and cryptocurrencies.” Digital payment systems exist.”

Meltem Demirors, a bitcoin bull, described the market crash of the summer 2021 (when bitcoin fell to $30,000) in a positive light for the digital asset industry. She stated that such dumps could wipe out “paper hands” and free the space from unsecure investors. According to her, price corrections are normal and she believes that bitcoin is going nowhere.

Umar Farooq, CEO of JPMorgan’s digital asset unit Onyx, stated that Bitcoin has been in a cognitive state for 13 years. He predicted that more people will realize the benefits of Bitcoin and that it will grow faster in the years ahead.