Australia’s leading bank to offer trading of cryptocurrencies

More than 6 million clients of Commonwealth Bank (CBA) will be able to access cryptocurrency services from their banking application from January 2022

Commonwealth Bank (CBA), Australia’s leading bank by capitalization, plans to offer the purchase, sale and maintenance of digital assets from its mobile platform, Commbank, to more than 6 million users.

The information was provided through an official statement, where the financial institution indicates that it is preparing to “integrate the trade of bitcoin and other digital currencies directly from its app.”

In order to achieve its objective, the CBA made an alliance with the Gemini company, in charge of carrying out cryptocurrency exchanges, located in the United States, and with the Chainalysis company, which is in charge of carrying out blockchain analysis. Both organizations together with the bank will be responsible for designing the “cryptocurrency exchange and custody service that will be offered to customers through the application.”

According to the bank’s plans, the pilot test will be executed with a certain number of clients who will enjoy the service until it is officially launched by the company next January 2022 and all its clients can access it.

The official document outlines that initially the Australian bank will commercialize the services of 10 crypto such as bitcoin, ethereum, bitcoin cash, litecoin among others. Likewise, the statement adds that this initiative was developed as a result of a study that demonstrates the interest of users for this type of products, in addition to being a strategy that will allow the institution to enter the growing world of the crypto ecosystem.

Matt Comyn, CEO of CBA, highlighted that “CBA research has found that a large number of their clients want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of cryptographic exchanges.”

The official statement does not indicate the precise date of when the pilot test would begin, but it is estimated that it will be carried out in the coming weeks.

M. Rodríguez


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