The Commonwealth Bank of Australia (CBA) recently revealed they are gearing into the crypto game with the launch of crypto trading services for the 6.5 million users of its CommBank app. ASIC is beginning to set the regulatory ground rules for product issuers and market operators. On the topic Taurus client Mitchell Travers, co-founder and Managing Director at Aus Merchant, digital asset provider recently spoke with ausbiz TV. Although Mitchell had saw this shift coming, stating it was inevitable for banks to get into crypto, he was still surprised at just how fast Comm Bank was to get into the market.
“There is now a growing opportunity for crypto payments in everyday consumer life. It’s the core offering of Aus Merchant’s and the higher value market wants in on the action. Luxury services or business services make a lot of sense, but there are nuances that need to be identified. The next sector that is identifying those nuances is the ETF sector. The global market for ETFs is awaiting corporate guidance to get into spot crypto ETFs. That’s the next power move for investors”, says Mitchell.
This is a big opportunity for Australian investors, business and consumers who are seeking to use digital assets as part of everyday living.
Watch the full ausbiz TV interview here.
The future of money could be here. To learn more about Aus Merchant and how they are bridging the gap between traditional and digital finance visit Aus Merchant – Trade and Invest Digital Assets