Asked about the wider implications of CBA’s new crypto service, Darren Abrams, managing director of Aus Merchant Investments, told The Motley Fool:
CBA’s announcement is further validation of the legitimacy of this nascent asset class. Globally, there has been a paradigm shift amongst reputable incumbents in the retail and investment banking industry. Many have formally acknowledged the validity of this asset class and have since started providing a plethora of digital asset services. This zeitgeist will inevitably increase adoption amongst Australian individuals and institutional investors.