The Commonwealth Bank of Australia (CBA) will release crypto trading services on its CommBank application to over 6.5 million users.
The CBA will be the first Australian bank to back crypto. Blockchain Australia claims it is “inevitable” that the other large banks, including the Australia and New Zealand Banking Group (ANZ), the National Australia Bank (NAB), and the Westpac Bank, will soon follow.
The CBA said it had teamed up with the Gemini Crypto Exchange and Chainalysis to release its crypto services in a Wednesday announcement. The financial institution will roll out the full service in 2022 after introducing a pilot for a few users in the next couple of weeks.
Ten crypto assets will be available in the CommBank app, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH).
CEO of Blockchain Australia, Steve Vallas, told Cointelegraph that implementing crypto services was “extraordinarily important.” Meanwhile, the other large banks in Australia “underpin our national and international reputation as a financial services destination.”
“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 believes the fast development and adoption of crypto has “shifted the risk of maintaining a wait-and-see approach” in the view of the large banks to a danger of “inaction” and being left out. Vallas suspects that the other big Australian banks will introduce their own crypto services in the near future.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.