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The Silicon Review Asia

Commonwealth Bank of Australia to offer Crypto Services

Commonwealth Bank of Australia to offer Crypto Services

Customers will be able to buy, sell and hold crypto assets, directly through the CommBank app

The Commonwealth Bank (CBA) will become the very first bank from Australia to offer customers ability to buy, sell and hold crypto assets, directly through the CommBank app. To make this happen, CBA has partnered with Gemini, and Chainalysis.

The CBA will start its pilot soon and it will look to roll more features to more customers in 2022. The bank will provide access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Michael Gronager, CEO and Co-Founder, Chainalysis, said: "Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market."

The CBA's partnership with Gemini and Chainalysis has allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app. CBA 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.

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