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Commonwealth Bank of Australia CEO: Decentralized finance is here to stay and blockchain has many use cases

Commonwealth Bank of Australia CEO: Decentralized finance is here to stay and blockchain has many use cases

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Answer Commonwealth Bank of Australia CEO: Decentralized finance is here to stay and blockchain has many use cases

In early November, the Commonwealth Bank of Australia (CBA) announced that it would begin offering crypto-based services.

Initially, 10 digital assets will be available to choose from, which can be accessed via the bank’s official app.

A few days ago, Matt Komen (CEO of CBA) spoke to Bloomberg, and the CEO was questioned about the bank’s opinion of the cryptocurrency sector.

According to Komen, they see risks in participation due to the volatile nature of digital currencies, as they see non-participation as a greater risk, indicating that the asset class has a great future ahead, and added:

Read:Beaxy loses $570,000 as a result of a flaw in the Ripple trading system

We see risks in participating, but we see greater risks in not participating.

It’s important to say that we don’t have a view on the price of the digital asset itself, we see it as a very volatile and speculative asset, but we also don’t think the sector and technology will fade any time soon.

The CEO was also quick to point out that this is just the beginning for the bank as it sees many use cases around blockchain technology, and added that there is strong consumer demand.

Komen commented on this by saying:

They want to build capabilities around DLT and blockchain technology.

Decentralized Finance is full of opportunities:

Aside from Komen, Jane Hume (Australian Politician) also has a positive view of cryptocurrencies, and sees huge potential in Decentralized Finance (DeFi).

On Monday, Hume delivered a speech at the Australian Financial Review Super & Wealth Summit in Sydney urging policy makers to embrace DeFi and blockchain technologies.

According to a Liberal senator, DeFi has incredible opportunities and blockchain technology will propel the Australian economy forward and make the country a leader in innovation.

Read:Bitcoin closes its seventh weekly candle in red and records the longest descending line

During her talk, she referred to a new report on fintech, which estimates that nearly one in five Australians invest in cryptocurrency.

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