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 analytics firm Chainalysis to provide encryption services.
Commonwealth Bank begins offering encryption services
The Commonwealth Bank (CBA), also known as Commbank, announced on Wednesday that it would “become the first Australian bank to offer customers the ability to buy, sell and hold crypto assets,” which will do this directly through its Commbank application.
Australia’s largest lender explained that it has partnered with New York-based crypto firm Gemini and blockchain analytics firm Chainalysis to provide encryption services. “The two partnerships have enabled the bank to design a cryptocurrency custody and exchange service that will be offered to clients via a new functionality of the application,” Commbank detailed. About 6.4 million customers use the bank’s mobile banking app.
Noting that “the pilot will begin in the coming weeks and CBA plans 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, based on its research, “a large number of its clients want to access crypto assets as a quality investment 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 cryptocurrencies to meet what is clearly a growing customer need and provide the capacity, security and confidence in a cryptocurrency trading platform. The CBA will take advantage of Gemini’s cryptocurrency custody and exchange service and integrate it into the Commbank app via APIs. “
The partnership with Chainalysis will help the bank’s compliance teams “monitor and mitigate the threat of crime through the exchange of crypto assets,” Australia’s largest bank explained.