In their latest announcement, the Commonwealth Bank of Australia has announced their partnering with Gemini and Chainalysis to bring cryptocurrencies to their customers. They will be able to buy, sell, and hold crypto via the CommBank application.
The upcoming weeks will mark the beginning of this pilot project, with an all-feature rollout later in 2022. The bank is set to offer ten cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The decision stems from CBA’s research, which was conclusive in their findings that a substantial number of the bank’s customers were already holding crypto assets in their portfolio through various exchanges.
We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security, and confidence in a crypto trading platform, said Matt Comyn, the bank’s CEO.
Dave Abner, Gemini’s Global Head of Business Development, claims that “this partnership [will] set a new standard for banks and financial platforms in Australia and across the globe.”
While Gemini will provide custodial services to the customers, Chainalysis will monitor incoming data to prevent any criminal activity. Michael Gronager, Chainalysis’ CEO, and Co-Founder says: “Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely.”
The crypto community welcomes this decision with open arms as it poses a further step towards the global adoption of cryptocurrencies.