CBA to provide crypto facilities to its customers
The Commonwealth Bank of Australia (CBA) has collaborated with Gemini, one of the largest regulated exchanges in the world and Chainalysis a leading blockchain blockchain analysis firm, to provide its customers the facilities to buy, hold and sell cryptocurrencies through Bank app.
The growing number of businesses are adopting cryptocurrencies to stay in race of relevance. Financial Institutions and banks once were reluctant and tried confrontation to cryptocurrencies, but failed. Now they are embracing not only the cryptocurrencies, but exploring the opportunities blockchain can present to gain competitive edge. The proposed development will make CBA the pioneer bank in Australia to offer transact and maintain accounts in cryptocurrencies. The Bank announced on November 03, 2021, that a pilot will start in the coming weeks and the Bank will eventually rollout more features to its customers. The customers will have access to ten crypto assets 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”. The CBA CEO Matt Comyn said at the time of announcing this new venture. He further added that “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”.
“In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs,”
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