Portfolio manager ANZ: “cryptocurrencies can no longer be ignored”

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Nigel Dobson, portfolio manager at Australian and New Zealand banking group ANZ, believes the cryptocurrency sector has become too mature to ignore.

He stated this on
conferences industry organization Blockchain Australia, which was attended by the Mastercard payment system and the National Bank of Australia (NAB). The conference was organized the day after one of the largest Australian banks, Commonwealth Bank, announced plans to add support for ten cryptocurrencies, including BTC, ETH, BCH and LTC.

Nigel Dobson said the development of blockchain and digital assets over the past 12-18 months has caught the attention of ANZ. According to him, they have the same big impact on the banking sector as it happened with international trade in the early 2000s thanks to the Internet.

“The decentralized finance sector is receiving so much money that can no longer be ignored. Given the large amount of money circulating in DeFi, one cannot help wondering, “What’s going on there?” Having studied this issue in more detail, we came to the conclusion that digital assets can make major changes in the infrastructure of the financial market. It remains to be shown whether DeFi protocols can actually be safer, faster and cheaper, but if they can improve the efficiency of business processes, then these protocols cannot be ignored, ”Dobson said.

It is unclear how the testing of Commonwealth Bank’s new feature allowing its customers to buy and sell cryptocurrencies will go, Dobson said. However, he called it a bold move that will pave the way for other Australian banks. Dobson hinted that in the future, ANZ may go down the same path. At the same time, other banks participating in the conference did not express their readiness to introduce cryptocurrency services for clients.

ANZ Bank has long been known for its blockchain and cryptocurrency-friendly attitude. In 2017, the bank took part in a large-scale testing of the JP Morgan Chase platform for making interbank payments based on the Quorum blockchain.

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