The Commonwealth Bank of Australia (CBA), the country’s largest bank, offers customers the ability to buy, sell and hold crypto assets directly through its app. The bank has partnered with crypto exchange Gemini and blockchain analysis firm Chainalysis to provide crypto services.
Commonwealth Bank begins offering crypto services
The Commonwealth Bank (CBA), also known as Commbank, announced on Wednesday that “it will become the first Australian bank to offer customers the ability to buy, sell and hold crypto assets,” which will do so directly through its Commbank application.
Australia’s largest lender explained that it had partnered with New York-based crypto exchange Gemini and blockchain analytics firm Chainalysis to provide crypto services. “The two partnerships have enabled the bank to design a cryptocurrency exchange and custody service that will be offered to customers via a new feature of the application,” Commbank detailed. The bank’s mobile banking app is used by approximately 6.4 million customers.
Noting that “the pilot will begin in the coming weeks and the CBA intends to gradually roll out more features to more customers in 2022,” Commonwealth Bank explained:
CBA will provide customers with access to up to ten selected crypto assets, including bitcoin, ethereum, bitcoin cash, and litecoin.
The Commonwealth Bank noted that, according to its research, “a large number of its customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.”
Commbank CEO Matt Comyn said: “We believe we can play an important role in crypto to meet what is clearly a growing customer need and provide capacity, security and trust in a crypto trading platform… CBA will leverage and integrate Gemini’s crypto trading and custody service. in the Commbank app via APIs.
The partnership with Chainalysis will help the bank’s compliance teams “monitor and mitigate the threat of crime through crypto asset exchanges,” Australia’s largest bank explained.
What do you think of the Australian Commonwealth Bank which offers crypto services in partnership with Gemini and Chainalysis? Let us know in the comments section below.
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