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Australian Central Bank (CBA) introduces crypto services

Wed 03 Nov 2021 ▪ 16h16 ▪ 3 min read — by Susan McCormack

This morning, the Commonwealth Bank of Australia (ASX: CBA) announced the launch of new virtual services. Soon, transactions with Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies will become available to customers.

First Australian bank to provide crypto services

The Commonwealth Bank of Australia (CBA) became the first bank in the country to offer crypto services to customers. Users will be able to buy, sell and store digital assets through the CommBank app. The bank is going to offer a number of services, including trading and storing Bitcoin (BTC) and Ethereum (ETH).

CBA representatives have reported that the bank cooperates with Gemini crypto exchange, founded by twin brothers Cameron and Tyler Winklevoss, as well as Chainalysis, a company that offers cryptocurrency investigation and compliance solutions.

According to Motley Fool Australia, a pilot program is to be launched within a few weeks. Additional features will be added next year. CommBank customers will have access to a dozen digital assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

Expressing opinions

CBA CEO Matt Comyn has commented on the issue, saying that “the emergence and growing demand for digital currencies from customers creates 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.” He has added that the CBA believes  they “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.”

Gemini’s Global business Development Director Dave Abner has also stated his viewpoint, saying that their company is “proud to be providing exchange and custody services to CBA as they begin to unlock access to cryptocurrency investments for many Australians. The exponential growth of digital assets internationally, coupled with Gemini’s institutional-grade security and proactive regulatory approach, positions this partnership to set a new standard for banks and financial platforms in Australia and across the globe.”

Chainalysis CEO Michael Gronager noted that financial institutions such as Commonwealth Bank are of great importance for ensuring security when handling digital assets.

If Commonwealth Bank manages to fulfil all its promises, it will become the first bank in Australia to offer such services. In this scenario, CBA will attract a huge number of new clients. The course of events is closely being monitored by other Australian financial institutions.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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