trade now
(BTC) Bitcoin News TodayBlockchainCryptocurrencyNewsTrading

Australian Banks Cautious About Their Crypto Plans During Market Crash

Australian banks remain interested in cryptocurrencies, claims an OSL study. OSL is an arm of the BC Tech Group of Companies. According to Mark Hiriart, an OSL top-level executive, who spoke to a local media outlet earlier this week, interest persists.

According to him, “every major bank globally is figuring out ways to incorporate digital currencies into their business.” Asset tokenization is more critical for banks than direct cryptocurrency trading services.

However, OSL withheld information about certain Australian banks. The collapse of FTX and subsequent effects have not deterred many investors.

Hiriart acknowledged that new capital might not be invested for a while but also said: “However, nobody is blinking from a technological point of view.”

“If anything, it will likely allow the [regulatory] guard rails to be tightened sooner than later. Of course, the latter would have happened if the FTX debacle didn’t happen.”

Commonwealth Bank And Cryptocurrency Offering

Commonwealth Bank CEO Matt Comyn announced last week that he was “shocked” by the collapse of FTX. However, he would not rule out entirely the creation of cryptocurrency-related businesses if there is a market for it.

📰  Cardano's System Update Was Released On Ledger Platform

A recent SMH report revealed that some industry experts doubted the bank after it started allowing crypto trading. The bank first announced a test of its crypto trading initiative for Australians in November 2021.

Nevertheless, Mark Nathan, a top-level executive with Regal Funds Management, argued that CBA might eventually not allow cryptocurrency trading as a service.

“It’s very likely they will decide this isn’t a segment they would like to offer their services given the regulatory issues banks are facing.”

Another prominent industry analyst, Angus Gluskie, also shared similar insights. He said the bank isn’t close to developing its crypto trading product.

Jarrod Martin, an analyst at Credit Suisse, argued that the Commonwealth Bank would be the ideal provider if the crypto sector is regulated. However, Australia’s crypto investors would exert cautiousness like investors globally as the crypto winter shows no sign of slowing down soon.


Tokenhell.com produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: info@tokenhell.com. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  BlockFi Re-introduce Crypto Yield Product After Paying SEC Fine

📰  Zigber Review - Is Zigber Scam or Legit?

Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content