Friday, December 3

Commonwealth Bank to offer cryptocurrency trading

The pilot will begin in the coming weeks with access to ten cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin, among them. The entity assures that it plans to implement more functions throughout 2022. The bank conducted an investigation and found that a large number of its clients want to invest in crypto assets. It also explains that its clients are already buying, selling and holding crypto assets on exchanges.

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On the new service, Matt Comyn, CEO of CBA, has said that the increasing demand for digital currencies by customers is creating challenges and opportunities for the financial services sector. Comyn highlighted there are a significant number of new players and business models innovating in this area.

The CEO of CBA also assured that the financial entity will take advantage of Gemini’s cryptographic custody and exchange service and will integrate it into the CommBank application through API. Gemini, he said, is a world leader with strong security and a track record of serving great institutions. Comyn highlighted the commitment of the entity he leads to reinvent banking. “We will continue to bring more functionality to the CommBank application, including investing and purchasing,” he said.

A standard for all other banks

For his part, Dave Abner, Gemini’s global director of business development, said that the “exponential growth of digital assets in the world, coupled with the institutional-grade security and proactive regulatory approach of Gemini, positions this partnership to establish a new standard for banks and financial platforms around the world.

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