We gotta admit... we didn't see this one coming from the traditional slowpokes!
Background: ANZ have made a name for themselves by being one of Australia's slowest banks. Last year, the bank came under fire for its sluggish mortgage approval times.
What happened: In a speedalicious move, ANZ have just created a stablecoin pegged to the Aussie dollar - aka a type of digital currency that is linked to the AUD.
What else: ANZ reckon its new stablecoin can send $30 million within 10 minutes. Now, fintechs may be shakin' in their crypto-booties👢👢.
💡 Whether you love 'em or hate 'em, inherently, there's a lot of trust that comes with being a big four bank.
💡In April last year, trust in the big four banks peaked at 62% as customers looked for safety during the pandemic. Because, in times of uncertainty, Aussies look for an established brand they can trust.
💡With big banks getting into crypto, it could present big problems - or at least big competition - for private tech companies already in this space - with much less trust.
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