CBA’s crypto pilot, which intended to allow customers to trade a small number of cryptocurrencies, was paused this year amid concerns from regulators.The implosion of Bahamas-based FTX, which went from being a US$32 billion company to worthless, has raised questions about the financial strength of other exchanges, and underlined the high risks in the sector.
Investors, however said the product could increase regulatory risks and also raised the potential for damage to the bank’s reputation. Portfolio manager at Regal Funds Management, Mark Nathan, said it was possible CBA may end up deciding not to move into crypto after all, given the regulatory concerns in the area. Whether the bank ended up offering crypto trading services or not, he did not think the issue was important for its earnings outlook over the next five to ten years.
Managing director of White Funds Management, Angus Gluskie, predicted the bank would be questioning the move into crypto, though it could still end up launching the product if it was a long way into developing it.
clancyyeates Cba should push on with this, even create a local exchange, most smart business IMHO and I'm not a millennial
clancyyeates 1995: Printing companies express doubt over ability of internet to replace the daily newspaper.
clancyyeates bitcoin not crypto
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