Australia’s Commonwealth Bank will allow crypto trading services
Commonwealth Bank will allow crypto trading services to its 6.5 million Aussies users.
Day by day new initiatives by the financial institutions towards the blockchain & crypto related industry shows that adoption is no more limited to only crypto & non-crypto investors. The bank finally entered the Crypto industry.
Commonwealth Bank of Australia announced that it is going to serve crypto trading services to its users through the CommBank app.
With this announcement, CBA became the first-ever Australian Bank to support crypto-based services to their users officially. And reports also confirmed that National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ) and Westpac like giant banks will soon follow these services for their users.
To bring the crypto services for the Aussie users, CBA established a partnership with Chainalysis, a blockchain analysis firm & Gemini crypto exchange. Right now, these two crypto platforms will help in the rollout of the crypto trading services for their limited numbers of users. And further, they will allow it to all the users in 2022.
The top ten flagship crypto assets will be available on the platform. Out of the 10 crypto assets Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) are confirmed to get listed.
The CEO of Blockchain Australia, Steve Vallas, shared his stance on this initiative by CBA with the Cointelegraph and said
“The confidence that this provides local digital asset sector participants will be dwarfed by the impact that this signal sends around the world that Australia should be a destination for cryptocurrency and digital asset adoption.”
Vallas also asserted that such initiatives by the banks will help the crypto players/investors to get better trust because of support by the high-level financial institutions.
It is worth noting that, in recent past months, few crypto Companies’ heads asked questions about the debankig behaviour & unfair activities of the Australian Banks and claimed that Banks don’t want to support crypto-based businesses, while rules are giving clarity on the crypto business. So now probably such kind of issues will not occur and banks will try to understand such things in more depth.
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