TL; DR Breakdown
- The Commonwealth Bank in Australia will be rolling out a pilot to enable cryptocurrency trading for ten digital assets later this year.
- Other large banks might follow suit as the CBA explores options to offer crypto payments for goods and services.
The Australian banking giant, the Commonwealth Bank (CBA), will incorporate crypto services to 6.5M Australian users. The firm has stated that it will bear ten cryptos, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
The Commonwealth Bank is about to pioneer crypto services in the banking systems of Australia. Blockchain Australia feels it is “sure” that more financial institutions will also join the crypto space. The notable firms include National Australia Bank, ANZ Bank Ltd., Westpac Banking Corp Limited.
Gemini and Chainalysis to help aid the process
The Commonwealth Bank is teaming up with Gemini, one of the most well-known crypto markets, and Chainalysis to offer digital asset services. The launch will take place next week on a limited basis for customers who want them. Yet, a complete execution will kick off in 2022.
Matt Comyn, the CEO of Australia’s dominant bank, feels that the firm can play a crucial part in the crypto space to sort an apparent “increased client demand.”
CEO of Blockchain Australia said he feels the move is significant. He feels it will assist in establishing the Aussies banking industry’s reputation globally. Their global partners’ trust strongly underpins the country’s four central banks. If they can’t provide quality services, other countries won’t either, thus lowering revenue.
Aligning crypto banking services is a big win for the Australian digital asset sector. The move will make Australia a better destination for investors looking to get involved with these investments. Most countries limit digital assets by law. So Australia may be an open opportunity for many.
Australian banks are warming up to the party
The growth of cryptocurrency and how fast people adopt it have led banks to streamline their activities. There is a feeling that inactiveness towards crypto might make them lose a lot. Hence, Vallas believes that very soon, Australian banks are coming to the party.
“The days of operating in the shadows are over and it is certain different financial institutions will join the party. The tackling of licensing issues by joint stakeholders and state gives clarity to all parties involved.” He said.
BTC Markets CEO Bowler believes the spouts are available for more innovation and expansion. She said that “with law in sight and Australia’s most dominant bank approving crypto on its platform, we should only expect this sector to continue growing.”
According to Gemini’s head of business, “Gemini is taking pride in launching a world-class crypto service with the Commonwealth Bank.”
“Gemini is a cutting-edge cryptocurrency exchange that will offer an institutional grade service.” Dave Abner added.
Many people welcomed CBA’s move. Yet, Adrian Przelozny is not impressed. He expressed his disdain for the CBA’s union with Gemini while overlooking local platforms.
