Commonwealth Bank, Australia’s largest bank, plans to add support for ten cryptocurrencies, including BTC, ETH, BCH and LTC, to its mobile app.
Commonwealth Bank (CBA) will be the first Australian bank to offer its customers the ability to buy and sell cryptocurrencies. To do this, CBA entered into a partnership with the American cryptocurrency exchange Gemini and the Chainalysis company.
Testing of the new feature in the app, which has over 6.5 million users, will begin in the coming weeks, with wider rollouts scheduled for 2022. CBA CEO Matt Comyn emphasized:
“The development of digital assets and the growing demand for them pose both challenges and opportunities for the financial sector. Many new players and new business models have emerged in the financial industry. And we can play an important role in the development of the cryptocurrency space, meet the growing demand in a safe and reliable way. ”
As noted by Steve Vallas, CEO of Blockchain Australia, this move by the CBA is extremely important – other local banks now have no choice but to follow the same path.
“Our clients have expressed concerns about existing cryptocurrency services on the market, including the difficulty of using third-party exchanges, lack of trust and risks of fraud. Therefore, we see a great opportunity in creating a high-quality, trusted and safe service, ”said Komin.
Recently, New South Wales Senator Andrew Bragg said the tightening of regulation would “bring trust and credibility” to the country’s emerging digital asset sector.
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