Amid debate in Australia surrounding the banking sector’s relationship with cryptocurrency, the country’s largest bank, Commonwealth Bank, will soon be allowing customers to buy, sell and hold crypto assets directly through its app — making it the first bank in the country to do so.
- Partnering with leading global crypto exchange and custodian Gemini and leading blockchain analysis firm Chainalysis, the pilot program will begin in the coming weeks by offering customers access to 10 cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin. Further features are expected to be released throughout 2022. New York-based Gemini will provide its expertise in integrating the crypto wallet into the existing CommBank app, while Chainalysis will assist the bank to monitor and mitigate any illegal activity that may occur on crypto exchanges.
- “It just shows that the industry is really maturing,” says Blake Cassidy, CEO of Australian microinvestments firm Bamboo. “There used to be a time not too long ago when we thought the banks saw crypto as competition, but now they’re embracing it. And that’s what’s really going to allow us to continue to innovate and grow this industry as bigger groups get involved and start to embrace it like we have for many years.”