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The stupendous crash in crypto prices hasn’t seen Commonwealth Bank scrap its intention to let customers trade up to 10 different cryptocurrencies via its CommBank app.
The plan to launch a shitcoin casino didn’t seem all that ridiculous last November, as cryptocurrencies soared and CBA’s own surveys showed 8 per cent of Australians had punted on crypto.
The crypto crash hasn’t seen CBA retreat from plans to launch a crypto trading app. Michael Quelch
But marquee cryptocurrency bitcoin has cratered 63 per cent since CBA’s November 3 proclamation, with number two ethereum bombing 75 per cent. God knows the performance of the rest.
In May, chief executive Matt Comyn sounded a little more cautious on the plan by citing regulatory issues and the fact that “a lot of air has gone out of the sector”.
Meanwhile, ANZ and National Australia Bank have ruled out boasting their own digital casinos.
Crypto sceptic and veteran investor Warren Buffett did warn us that when the tide goes out you can see who’s been swimming naked and there are plenty of corporate nudists on the beach.
The Betashares Crypto Innovators ETF is down 79 per cent since its first day’s ASX trade on November 4.
Australian-run sustainable bitcoin miner Iris Energy closed at $US4 a share on the Nasdaq on Monday. Last November, shares floated at $US28. Ouch.
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