Analysts believe that a ‘wave of decentralization’ is approaching, thanks to exponential growth in blockchain adoption across the globe. Multiple sectors, particularly the financial ones, are converging to adapt the underlying technology behind cryptocurrency, aka ‘blockchain.’ Interestingly, the federal authorities are certain about blockchain adoption, but they are wary of crypto as an investment class.
While digital assets have become a global phenomenon, they have received brutal scrutiny from global watchdogs. Regions such as China and the United States, including several others, take a tough stance on crypto. They do not consider crypto as any financial instrument or investment opportunity but deem it illegal and fraudulent. However, Commonwealth Bank (CBA.AX), one of Australia’s leading Main Street banks, has offered a very different outlook on the ongoing situation.
A CBA research found that the craze for digital assets is reaching new heights. The majority of its customers prefer to access crypto as an investment class and are already involved in crypto trading via various exchanges. Upon assessing this, the bank decided to introduce cryptocurrency trading and services on its platform. The bank believes that crypto is a good investment opportunity and is more concerned about the risks of missing out on crypto rather than those associated with its adoption.
In a statement with Bloomberg TV, Commonwealth bank CEO Matt Comyn noted, “We see risks in participating, but we see greater risks in not participating. It’s important to admit that we don’t…