A senior ANZ Bank executive told Blockchain Australia Forum that the crypto sector has grown too far to be ignored by traditional finance.
The comments came a day after rival Commonwealth Bank announced that it would roll out cryptocurrency trading services for 10 digital assets via the Compank app.
A State of Play forum was held by Blockchain Australia on November 4 and brought together representatives from organizations including Mastercard, ANZ and NAB to showcase their involvement in the crypto sector in the wake of the CBA play.
Today we hosted State of Play with over 1,200 recordings and speakers from some of Australia’s most well-known companies.
The conversation very clearly indicated that a revolution in payments is at our doorstep. pic.twitter.com/S32Vc4KToO
– Blockchain Australia (BlockchainAUS) November 4, 2021
Nigel Dobson, Head of Portfolio Banking at ANZ, stated that the growth of crypto and blockchain technology over the past 12-18 months has put the sector on the bank’s radar:
“There is this kind of money that you can’t afford to ignore at some point right? And you know, in the DeFi world that we’ve been watching for a while or even just in the currency space, it’s the weight of money and the quality of the money moving into these places that makes us think, Well, what’s going on here?”
“When you look behind it, we figured this is a major protocol shift for financial market infrastructure,” he added.
Dobson is a senior banker with over 30 years of experience at Barclays, Citibank and ANZ. He likened the technological advances brought about by blockchain technology to the transformative effects that the Internet had on global commerce in the early 2000s.
“We’re seeing the same kind of transformation happen here. We’re moving to more decentralization, arguably more reliable, more secure, faster, cheaper, better — not yet proven — but if that is the theory that these protocols can generate Better results and new business models, they can’t be ignored,” he said.
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None of the other members of the Big Four banks in Australia have announced any immediate plans to follow the CBA in enabling cryptocurrency trading. Dobson stated that it was unclear how the CBA trial would unfold, but implied that ANZ would likely join the party at some point.
“I think the move the CBA took yesterday was a bold one and it’s not yet clear if those customers will accept that. But surely all we were talking about today, especially in this part of the comment, is that the ship has sailed. So what has to be done? We have to do is go our way towards using these networks.”
The bullish comments represent a big change from the bank, which recently settled a case with Canberra-based Bitcoin trader Aaron Flynn after taking legal action against ANZ for canceling bank transactions between 2018 and 2019 over its work as a digital currency exchange (DCE) bank. ).