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Henrik Andersson, a chief investment officer of crypto asset fund manager Apollo Capital, believes that institutions may soon "reverse" their cautious crypto position.
The Melbourne-based crypto fund manager told Cointelegraph that while institutional interest in cryptocurrencies has been sluggish to ramp up, particularly in Australia, many players are waiting for the ideal opportunity to strike.
Andersson acknowledged that significant institutional investors in Australia, notably pension funds (or superannuation funds), have yet to embrace the digital asset market.
“It’s still very early. I am conversing with several family offices and smaller boutique institutions in Australia. The large industrial pension funds have not yet arrived.”
“From their perspective, there is still a great deal of schooling. Consequently, I believe it will still take some time,” he continued.
Apollo Capital is a fund manager providing family office and institutional clients access to cryptocurrency investing possibilities. The Apollo Capital Frontier Fund, one of its most recently created funds, focuses on nonfungible token (NFT) infrastructure, decentralized finance (DeFi), and multi-chain infrastructure.
When asked what must occur for institutional attitude to shift, Andersson believes this will “flip” when major companies begin to make more significant advances in the field.
“No one wants to be the pioneer in such an endeavor. Because if you are the pioneer and things go wrong, there is a danger to your career. This will eventually become the reverse,” stated Andersson.
“At some point, people become unwilling to miss out as costs increase. And if others are investing, then not investing will be a professional risk.”
Several big Australian banking organizations, including ANZ, NAB, and Commonwealth Bank (CBA), have already entered the digital asset market.
“Several of Australia’s largest banks have expressed an interest in digital assets. Thus, this is quite encouraging,” he remarked.
Last year, CBA was the first big bank in the nation to offer crypto services through its mobile banking app. However, it later put its plans on hold, citing a lack of legal certainty from the new administration.
Others have advanced stablecoin trading and tokenized asset trading.
Internationally, significant banking conglomerates, such as Singapore’s DBS Bank, continue to expand their digital assets business despite the bear market. In contrast, prominent investment banks have expanded their coverage of the cryptocurrency sector.
“Every major investment bank worldwide is generating research studies on the cryptocurrency market. Goldman Sachs, Morgan Stanley, Citigroup, and JP Morgan, among others. Accordingly, there is still a great deal of interest in the market from institutional players,” he noted.
“Thus, while it may appear to be moving very slowly at the moment, if the attitude shifts, we will see the first players make investments that can alter very fast.”
This week, Irfan Ahmad, the Asia Pacific digital lead for the bank’s crypto business State Street Digital, told the Sydney Morning Herald that institutional investors had retained their interest in blockchain and digital assets despite the current crypto winter.