The Commonwealth Bank of Australia CEO Matt Comyn says that the risks of missing out on crypto are greater than participating, according to Bloomberg.

  • Comyn says the bank recognizes the volatility and speculative nature of digital assets but believes the sector and its technology will stand the test of time.
  • The comments by the CBA chief come after the bank started supporting trading in 10 crypto assets on November 3 through its banking app.
  • The CEO says more is expected on CBA’s crypto adoption as he sees a robust consumer demand and many use cases for blockchain. 

CBA’s crypto endeavors came when the Australian Securities and Investments Commission urged caution on digital assets, saying it was unable to offer counsel. The authorities cite the difficulties of classifying crypto assets into financial products for proper oversight.

ETHUSD is up +1.29%, BTCUSD is up +0.03%.