Australia’s first bank to offer crypto trading

The pilot will start in the coming weeks with more features to come in 2022

crypto

Australia’s first bank to offer crypto trading. Source: pexels.com

Commonwealth Bank (CBA) will soon offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app.

CBA has partnered with one of the world’s largest regulated crypto exchanges and custodians, Gemini, and a blockchain analysis firm, Chainalysis.

Both partnerships have allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app.

According to the press release, CBA will provide customers with access to up to 10 selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

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. We believe we 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
Matt Comyn, CBA CEO 

We’ve reported that half of Hispanic Gen Z’s were never offered a financial education class in school.

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