CommBank customers can now make crypto transactions

Şükriye Akdeniz

Nov 4, 2021

Commonwealth Bank of Australia (CBA), known as Australia's largest bank, has started offering a new service to its customers, now CommBank customers can buy and sell the leading currency Bitcoin

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Cryptocurrencies have grown in popularity since they first appeared. The fact that these generally accepted assets keep up with the traditional finance world has become one of the factors that have a positive effect on the market. Commonwealth Bank of Australia (CBA), known as the largest bank in Australia, which is involved in this adventure of keeping up, announced that they will start providing Bitcoin services to its customers. The bank, known as CommBank, has announced that it will provide services to its users for trading and holding cryptocurrencies.
According to the announcement published on the bank's official website, the CBA stated that as a result of the research it has been working on recently, many of its clients want to be able to use crypto assets as an investment class and are already trading it.
Matt Comyn, CEO of the bank, said in a statement on the subject:
“The growing demand for digital currencies from customers creates both challenges and opportunities for the financial services industry, which is seeing many new players and innovating business models.
We believe we can meet the growing customer need and play an important role in building talent and confidence in the crypto trading space.
As we explored ways we can support our customers, we decided to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a history of serving large corporations. The CBA will leverage Gemini's crypto exchange and custody service and integrate it into the CommBank application via APIs.”
While it was emphasized that the pilot implementation will start in the coming weeks, another noteworthy statement in the announcement was that they plan to gradually offer more features to more customers in 2022. CBA will provide its clients with access to around 10 selected crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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