Fun

Australia’s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App

News Feed - 2021-11-04 08:11:26

Australia"s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App


The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing customers with 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 crypto services. Commonwealth Bank Begins Offering Crypto Services


Commonwealth Bank (CBA), also known as Commbank, announced Wednesday that “it will become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets,” which will be directly through its Commbank app.


Australia’s biggest lender explained that it has partnered with New York-based crypto exchange Gemini and blockchain analytics firm Chainalysis to provide crypto services. “Both partnerships have allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app,” Commbank detailed. The bank’s mobile banking app is used by about 6.4 million customers.


Noting that “The pilot will start in the coming weeks and CBA intends to progressively roll out more features to more customers in 2022,” Commonwealth Bank elaborated: CBA will provide customers with access to up to ten selected crypto assets including bitcoin, ethereum, bitcoin cash, and litecoin.


Commonwealth Bank noted that according to its research, “a large number of its customers want to access crypto assets as an investment class and are already buying, selling, and holding crypto assets through a variety of crypto exchanges.”


Commbank CEO Matt Comyn opined: “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 … CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the Commbank app through APIs.”


The partnership with Chainalysis will help the bank’s compliance teams to “monitor and mitigate the threat of crime through crypto asset exchanges,” Australia’s largest bank explained.


What do you think about Australia’s Commonwealth Bank offering crypto services in partnership with Gemini and Chainalysis? Let us know in the comments section below. Major Thai Bank SCB Acquires 51% Stake in Cryptocurrency Exchange FINANCE | 13 hours ago Derivatives Exchange Giant CME Group Announces Micro Ethereum Futures Launch FINANCE | 1 day ago Tags in this story Australia, Bitcoin Services, cba bitcoin, cba crypto, cba cryptocurrency, Chainalysis, commbank, commbank crypto, Commonwealth Bank, commonwealth bank bitcoin, commonwealth bank crypto, crypto services, Cryptocurrency Exchange, Gemini


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Trader Greed Strikes Again: Bitcoin Corrects To $102,000 After FOMO Spike
Este artículo también está disponible en español. Bitcoin has observed a retrace from its new all-time high after users on the major social media platforms displayed over
Bitcoin Lender Genesis Global Issues $2 Billion in Loans During Record Quarter
Bitcoin Lender Genesis Global Issues $2 Billion in Loans During Record QuarterGenesis Global Trading has reported a 100% jump in new loan originations in the first quarter. The cryp
Bitcoin indicators flash ‘greed and FOMO’ as ETF inflows top $300M
Tom Mitchelhill2 hours agoBitcoin indicators flash ‘greed and FOMO’ as ETF inflows top $300MKey Bitcoin sentiment indicators have quickly flipped into “greed” territory amid a sharp uptick in the crypto market an
Building a Decentralized and Uncensorable Internet — The Nexus Protocol
Building a Decentralized and Uncensorable Internet — The Nexus Protocol PRESS RELEASE. On December 21st, 2020, the Nexus Protocol white paperwas released. The
Shark Tank Star Kevin O’Leary Buys the Bitcoin Dip — Says Crypto ‘Desperately Needs Policy’
Shark Tank Star Kevin O"Leary Buys the Bitcoin Dip — Says Crypto "Desperately Needs Policy" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, says he has bought the dip du
Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says ‘Resurgent Mood In the Air’
Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says "Resurgent Mood In the Air" The price of bitcoin and a number of digital assets saw
Bank of Russia Says Stablecoins Are Not Suitable for Settlements
Bank of Russia Says Stablecoins Are Not Suitable for Settlements The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payme
Bityard Launched Copy Trading System to Benefit Both Copiers and Traders
Bityard Launched Copy Trading System to Benefit Both Copiers and Traders PRESS RELEASE. Bityardrecently launched the copy trading system for CFD (contract for di
Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits
Reddit Introduces ETH-Based Community Points Beta Program With Custom Tokens for Subreddits The popular forum and news aggregation web portal Reddit has revealed the firm’s
Russia Cracking Down on Crypto Miners Minting in Residential Areas
Russia Cracking Down on Crypto Miners Minting in Residential Areas Russian authorities are now prosecuting miners extracting cryptocurrency using subsidized electricity for the pop
Ethereum Price Gains Bullish Momentum: Is a Breakout Near?
Este artículo también está disponible en español. Ethereum price started a steady increase above the $2,450 resistance. ETH is holding gains and might gain bullish moment
Fantom Surpasses Binance Smart Chain as the Third-Largest Defi Blockchain
Fantom Surpasses Binance Smart Chain as the Third-Largest Defi Blockchain The total value locked (TVL) in decentralized finance (defi) protocols has lost ​​6.8% durin