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Commonwealth Bank of Australia is providing crypto services

Commonwealth Bank of Australia is providing crypto services

The largest bank of Australia, Commonwealth Bank of Australia is providing the services to buy, sell and hold crypto assets through its app to their customers. To deliver crypto services, the bank has collaborated with cryptocurrency exchange Gemini and blockchain analytics company Chainalysis.

Commonwealth Bank of Australia has launched Cryptocurrency Services

The Commonwealth Bank of Australia (CBA), commonly known as Commbank, stated on Wednesday that it will “become Australia’s first bank to provide customers the opportunity to purchase, sell, and store crypto assets” via its Commbank app.

To deliver crypto services, Australia’s largest lender announced a partnership with New York-based crypto exchange Gemini and blockchain analytics startup Chainalysis. “Both collaborations have enabled the bank to build a crypto exchange and custody service that will be made available to consumers via a new feature in the app,” Commbank explained. About 6.4 million clients utilize the bank’s mobile banking app.

The pilot will begin in the coming weeks, Commonwealth Bank said, adding that in 2022, CBA wants to gradually roll out more capabilities to more customers.

Commonwealth Bank said in a statement that a considerable number of their clients want to access crypto assets as an investment class and are already purchasing, selling, and holding crypto assets through a variety of crypto exchanges

Matt Comyn the CEO of Commbank said that they have confidence in playing a substantial role in crypto to meet what is clearly a growing customer need and give competence, safety and confidence in a crypto trading platform. The bank will get help by the collaboration of Gemini’s crypto exchange, which will be integrated into the Commbank app.

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