Matt Comyn, CEO of Commonwealth Bank, Australia’s largest bank, made statements about the cryptocurrency market in an interview with Bloomberg reporter Nabila Ahmed.
Matt Comyn, CEO of the famous bank, admitted that cryptocurrencies are “very volatile and speculative,” but said banks face a greater risk.
Comyn also stated that he thinks banks will be completely out of the crypto market if they do not adopt the technology that supports cryptocurrencies.
Stating that bank customers have a great demand for cryptocurrencies, Commen Bank CEO emphasized that banks should work to meet these demands, even though the crypto money market varies.
“We see risks in the participation of banks in the cryptocurrency market, but we see greater risks in not participating”
Comyn went on to say that Commen Bank sees cryptocurrencies as very volatile and speculative:
“It is important to say that we do not have a view of the asset class itself. However, we do not think that the industry and technology will disappear anytime soon. That’s why we want to understand this, we want to offer our customers a competitive offer with accurate disclosures about risks.”
Commen Bank recently announced that they have purchased a small amount of shares from the US-based crypto exchange Gemini.
*Not Investment Advice.