Australia’s Commonwealth Bank To Offer Cryptocurrency Services

Twitter icon   • 1 minute read  •  Published 4 weeks ago  •  Hassan Maishera

Commonwealth Bank has become the first traditional bank in Australia to offer cryptocurrency services to its customers.

Commonwealth Bank Enters the Crypto Space

Commonwealth Bank, one of the leading traditional banks in Australia, is entering the cryptocurrency space. The bank has announced that it will start offering cryptocurrency services to its customers in a few weeks.

In a statement earlier today, the bank said, “Commonwealth Bank (CBA) has today announced that it will become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.”

Commonwealth Bank partnered with Gemini cryptocurrency exchange and leading blockchain analysis firm, Chainalysis to offer crypto services to its clients. Both partnerships have allowed Commonwealth to design a crypto exchange and custody service that will be offered to customers through a new feature in the app, the bank added.

The bank’s CEO, Matt Comyn, said: “The emergence and growing demand for digital currencies from customers create both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.”

Commonwealth said the pilot would start in the coming weeks, and it intends to progressively roll out more features to more customers in 2022. The bank will provide customers with access to ten selected crypto assets, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The CEO added that the bank believes it can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform.

He concluded that the bank would be looking at ways that it can support its customers. The Commonwealth Bank has made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track record of serving large institutions. The bank will take advantage of Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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