Financial Institutions to Enter Crypto Market
Henrik Andersson, CIP of cryptocurrency asset management Apollo Capital, believes that institutions might soon ease their cautious approach toward cryptocurrencies. The cryptocurrency fund manager said that even though institutional interest in cryptocurrencies has grown slowly, especially in Australia, numerous players await an ideal opportunity to strike.
Andersson recognized that major institutional investors in the nation had not been that interested in the digital asset market, especially retirement funds.
Numerous significant banks in Australia, like ANZ, NAB, and Commonwealth Bank (CBA), have entered the digital asset market already. CBA was the first major bank in the nation to launch crypto services through its mobile banking app. But the bank later postponed the plans as it awaited regulatory certainty from the new administration.
Internationally, regardless of the bear market, prominent banking conglomerates like DBS Bank of Singapore are expanding their digital assets business, and major investment banks have increased their cryptocurrency area coverage.
Irfan Ahmad, the Asia Pacific digital lead for the bank’s State Street Digital cryptocurrency division, said in a statement to Sydney Morning Herald that institutional investors are interested in blockchain and digital assets even during the ongoing crypto winter.