Australia’s largest bank turns to cryptocurrency
Rumors had been circulating since yesterday, and the news was confirmed today by the CBA. Australia’s largest bank will offer cryptocurrency buying, selling and custody services directly through its app,
This service will be offered in partnership with the Gemini exchange platform, as well as the blockchain analysis service Chainalysis. The functionalities will however be native to the CBA application.
Top start in the coming weeks
The pilot project will be launched in the coming weeks, and services will gradually open to customers during 2022. 10 crypto-assets will be offered in total. The exact list is not yet known, but it includes BTC, ETH, BCH, and LTC.
CBA CEO Matt Comyn believes this is a major market for the future:
“We believe that we can play an important role in cryptocurrencies, in order to meet what is clearly a need on the part of clients, while providing the capability, security and confidence within a trading platform. “
A major breakthrough for the banking sector?
More and more large banks are choosing to open up to cryptocurrencies, but there are very few of them in the face of markets that still worry financial institutions. We are witnessing two opposing trends, with on the one hand banks which are timidly adopting cryptos, such as the largest bank in Brazil.
On the other hand, we have banks that block transfers to exchange platforms. For example Santander, or even Barclays in the United Kingdom. In France, hostility is also palpable. However, it’s hard to ignore the ever-growing cryptocurrency industry. We can therefore estimate that the opening trend should spread.
👉 To read on the same subject – The neobank Revolut wants to launch its own cryptocurrency
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.