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Major Australian bank to offer crypto trading

Updated: Jul 25, 2024
Published: Nov 3, 2021
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Commonwealth Bank of Australia announced that it will be the first major bank in the country to offer a retail cryptocurrency trading platform,

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The bank has partnered with crypto exchange Gemini

The bank said it will work with New York-based exchange Gemini Trust Company LLC to offer a "crypto exchange and custody service" through a new feature in its mobile banking app, which about 6.4 million customers use. "We believe we can play an important role in crypto to address what's clearly a growing customer need," Commonwealth Bank Chief Executive Matt Comyn said in a statement.

CBA's entry into cryptocurrency would further confirm that it has entered the mainstream after several institutional investors jumped on the bandwagon this year. Cryptocurrency services would become part of CBA's digital "ecosystem," whose app allows customers to pay bills and check account balances and manage real estate and buy energy and telecom services. CBA wants to operate more like a technology platform than a traditional bank.

Banks worldwide are diving into crypto

There are already banks in the U.S. and Europe that offer cryptocurrency trading services to institutional clients. Others, like Saxo Bank, provide access to cryptocurrencies through ETFs or other cryptocurrency products. Singapore-based DBS Group provides a platform for wealthy clients to trade cryptocurrencies.

CBA's move puts it at odds with the "Big Four" that together dominate the banking sector: National Australia Bank Westpac Banking Corp and Australia and New Zealand Banking Group Ltd In September, the group was criticized at a parliamentary hearing for refusing to do business with cryptocurrency providers.

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