ANZ bank executive: The ‘weight of money’ means crypto can’t be ignored

Blockchain Australia Forum: A senior executive at ANZ Bank has stated that the crypto industry has become too large for traditional finance to ignore.

These comments were made just days after rival Commonwealth Bank announced it would offer crypto trading services for 10 digital assets via its Commbank App.

Blockchain Australia hosted the “State of Play Forum” on Nov. 4, featuring representatives from organizations such as Mastercard, ANZ, and NAB who offered their views on the crypto sector following CBA’s play.

Today’s ‘State of Play” hosted over 1200 participants and featured speakers from some of Australia’s most well-known businesses. It was clear that the revolution in payments is upon us. pic.twitter.com/S32Vc4KToO
— Blockchain Australia (@BlockchainAUS November 4, 2021

Nigel Dobson is ANZ’s Banking Services Portfolio Lead. He stated that the sector has been on the bank’s radar because of its growth in crypto and blockchain tech over 12-18 months.

“There is a certain amount of money you can’t ignore. We know that in the DeFi space that we have been following for some time, or just in the currency space, it is just the amount of money and the quality that’s moving into these spaces that makes us wonder, “What’s the deal?”

He said, “When you look underneath the hood on it, we’ve concluded this is a major protocol shifting for financial market infrastructure.”

Dobson, a senior banker, has more than 30 years experience at Citibank, Barclays and ANZ. He compared the technological advances made possible by blockchain tech with the transformative effects that the Internet had on global commerce during the early 2000s.

“We are seeing the same type of shift here. He said that we are moving to more decentralized, arguably safer, more secure, quicker, cheaper, and better. However, it is not yet proven that these protocols can produce better outcomes or new business models.

Similar: Chainalysis opens an Australian office for Blockchain Forensics

None of Australia’s other big four banks have announced plans to enable crypto trading. Dobson said that CBA’s trial was still in progress, but suggested that the ANZ would likely join the party.

“I believe the bold move made by the CBA yesterday was courageous and it remains to be seen if those customers will embrace it. We’ve talked about this today in the commentary section, but it is clear that the ship has left port. He said that it was up to us to find our way to utilizing these networks.

These bullish comments are a sign of a major change in the bank’s approach. The bank recently settled a case against Aaron Flynn, a Canberra-based Bitcoin trader. Flynn had taken legal action against ANZ for de-banking between 2018-2019 due to his work at Digital Currency Exchange (DCE).

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