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Australia’s CBA To Offer Crypto Trading — Now Rivals Fintech Firms -Breaking

by Mike Robinson

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Australia’s CBA To Offer Crypto Trading — Now Rivals Fintech Firms
  • Commonwealth Bank of Australia (OTC:) becomes the country’s first main-street bank to offer crypto trading.
  • CBA plans to offer this service to all retail clients and customers — as a part of validating the crypto industry.
  • CBA now breaks the industry ranks, and seeks to match fintech services with rival firms.

Commonwealth Bank of Australia (CBA) will now become the country’s first main-street bank to provide a trading platform for retail customers. Shortly after, reports say that CBA is now breaking industry ranks — matching offerings from rival fintech firms.

The country’s biggest lender will collaborate with New York-based exchange — Gemini Trust Company LLC, to offer a “crypto exchange and custody service” through a new feature in CBA’s mobile banking app. The app has been used by over 6.4 million users.

Customers will now be able trade cryptocurrency. This partnership put CBA at odds with its Big Four peers that dominate the country’s banking sector. These include National Australia Bank, Australia and New Zealand Banking Group Ltd and National Australia Bank. Westpac Banking (NYSE:) Corp

Commonwealth Bank Chief Executive — Matt Comyn stated,

We believe we can play an important role in crypto to address what’s clearly a growing customer need.

Similarly, crypto executives and enthusiasts noted that Australia’s move would help validate the industry in some way. CBA mentioned also that they made this decision due to growing client demand. CBA stated that another reason was the availability of local crypto services by Fintech companies such as Square, Paypal and Revolut.

Even the Chief Executive of BTC Markets —Caroline Bowler, commented on this matter and said:

To the best of what I know, there is no way for retail customers to buy cryptocurrency directly through a platform. So it’s really exciting.

CBA’s team also noted that there will be more features in 2022. CBA stated more that it would explore other payment options such as cryptocurrency for goods or services.

Indeed, big names in the crypto industry are excited about CBA’s decision and are looking forward to its future endeavors.

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