- Banking Institutions have already entered the digital asset market in Australia.
- CBA was the first bank in the nation to introduce crypto services through its mobile banking app last year.
According to Henrik Andersson, CIO of cryptocurrency asset management Apollo Capital, institutions may soon flip on their cautious approach to cryptocurrencies. In an interview, the Melbourne-based cryptocurrency fund manager stated that even while institutional interest in cryptocurrencies has been slow to grow, particularly in Australia, many players are waiting for the ideal opportunity to strike.
Andersson acknowledged that significant institutional investors in Australia, in particular retirement funds, have not yet shown a strong interest in the digital asset market. Providing family offices and institutional investors with access to cryptocurrency investment opportunities is Apollo Capital’s main focus.
Financial Institutions’ Entry Into Crypto
Numerous sizable banks in Australia, including ANZ, NAB, and Commonwealth Bank (CBA), have already entered the digital asset market. Last year, CBA made history by being the first major bank in the nation to launch cryptocurrency services through its mobile banking app. However, the bank later announced it was postponing those plans because it was still awaiting regulatory certainty from the new administration.
Internationally, despite the bear market, significant banking conglomerates like Singapore’s DBS Bank are expanding their digital assets business, and major investment banks have also increased their coverage of the cryptocurrency area. Irfan Ahmad, the Asia Pacific digital lead for the bank’s State Street Digital cryptocurrency division, stated to Sydney Morning Herald earlier this week that institutional investors have kept an interest in blockchain and digital assets despite the current crypto winter.
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