ANZ bank executive says crypto can’t be ignored because of ‘weight of money

The executive of ANZ bank shared his stance on the crypto industry and said that the crypto industry can’t be ignored because of the huge money inflow. 

On Thursday the “State of Play” forum was held by “Blockchain Australia”. In the forum, Nigel Dobson- ANZ’s banking services portfolio lead- appeared and talked about the growth of the crypto industry over the traditional financial market. In the forum event, there were representatives from the NAB offering and MasterCard giant payment firm also. 

According to Dobson, the growth of the crypto industry in the last 1 and half years is tremendous. And this growth of this industry makes it on the radar of the Banks. 

Further, Dobson said that the crypto industry can no longer be ignored because there is a huge money inflow. 

“There’s this sort of weight of money that you just simply at some point can’t ignore right?”

Dobson targeted Defi platforms (rival of the traditional banking system). Further, he added on the growth of the DeFi industry:

“… And you know, in the DeFi world that we’ve been watching for a while or even in just the currency space, it’s just the weight of money and the quality of money that’s moving into these venues that makes us think, well, what is happening here?”

Dobson also admitted that it is a part of Changement and revolution of the traditional financial market. 

“When you look under the hood on that, we’ve concluded that this is a major protocol shift for financial market infrastructure,” 

Dobson appreciated blockchain technology and said that it is better in terms of security, trust and also decentralized. But it can be used in a better way to get better outcomes.

Dobson is a highly experienced banker, who has 30 years of experience in the banking industry and related services. In the past, he worked at Barclays, Citibank and ANZ  as a senior banker.

Read also: Reddit will convert karma points into digital currency