Matt Comyn, the CEO of Commonwealth Bank of Australia in a recent interview with Bloomberg revealed what he believes is the biggest risk with crypto today. Comyn said, given the rise of digital assets as the alternative investment sector, the biggest risk of crypto is “missing out.” He explained, even though the crypto market is relatively volatile, banks must work towards incorporating the tech to fulfil consumer demand. Failing to do so will leave banks out of the market completely.
Comyn said,
“We see risks in participating, but we see bigger risks in not participating,”
Commonwealth Bank of Australia is the largest bank in the country and the CEO’s comments on the crypto market come just a day after they bought a small stake in the US-based crypto exchange Gemini. Gemini raised a whopping $400 million in the first funding round that giving them a valuation of about $7.1 billion. Commonwealth Bank would act as a custodian for Gemini users under its new partnership.
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