Could ANZ be the next ASX bank to jump on the crypto bandwagon?

As most ASX investors would know, cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are once again all the rage. This has no doubt been helped by Bitcoin’s ascension to yet another new all-time high above US$66,000 per coin last month.

Well, one ASX bank has already shown that it is keen to capitalise on this new wave of goodwill towards Bitcoin and other cryptos. On Wednesday, the dominant Commonwealth Bank of Australia (ASX: CBA) set chins a-wagging when it announced it would be the first ASX bank to offer cryptocurrency services to its customers.

As my Fool colleague Bernd reported at the time: “In an Australian first, the bank’s customers will be able to buy, sell and hold cryptocurrencies via CommBank’s app. This will include trading and holding [Bitcoin] and [Ethereum].”

In addition to these leading coins, CommBank will also be offering access to “up to 10 selected cryptos”. These will include Bitcoin Cash (CRYPTO: BCH) and Litecoin (CRYPTO: LTC).

CBA is partnering with the US-based cryptocurrency exchange Gemeni and blockchain analysis firm Chainalysis to deliver this new service.

Well, CBA might not be the only ASX bank offering crypto services for long.

ANZ set to join CBA’s Bitcoin bandwagon?

According to a report from cointelegraph.com, Nigel Dobson, banking services portfolio lead at Australia and New Zealand Banking Group Ltd (ASX: ANZ), has told a Blockchain Australia forum that the crypto space is now “too big to ignore” for traditional finance companies like ANZ. Here’s some of what he reportedly said:

There’s this sort of weight of money that you just simply at some point can’t ignore right?… it’s just the weight of money and the quality of money that’s moving into these venues that it makes us think, well, what is happening here? When you look under the hood on that, we’ve concluded that this is a major protocol shift for financial market infrastructure.

He went on to compare the blockchain technology behind cryptos such as Bitcoin to the emerging internet technology of the early 2000s:

I think the move that the CBA made yesterday was bold and it is yet to be seen whether those customers will embrace that. But certainly… the ship has sailed. And so what it is that we need to do is to navigate our path towards utilising these networks.

So perhaps no one should be surprised if we see ANZ move into the cryptocurrency space in the near future. Or indeed Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB), or any other ASX bank. CBA has a reputation for trendsetting in the ASX banking sector, after all.

As we covered on Wednesday, CBA will launch its crypto services in a pilot program “within weeks”, with additional features rolled out next year. There’s no doubt the other ASX banks will be watching to see how it goes.

The post Could ANZ be the next ASX bank to jump on the crypto bandwagon? appeared first on The Motley Fool Australia.

More reading

• Own NAB shares? Here’s the bank’s proposal to stop crypto mania getting ‘really ugly’
• What these three experts are saying about the CBA crypto service
• Macquarie tips ANZ (ASX:ANZ) share price to hit $29.50. Here’s why
• The Ethereum (CRYPTO: ETH) price just hit all-time highs after a strong October
• The first crypto ETF (ASX:CRYP) has just hit the boards. Here’s what you should know

Motley Fool contributor Sebastian Bowen owns shares of Bitcoin, Ethereum, and National Australia Bank Limited, and owns Litecoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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