The CBA said that its banking app will support 10 crypto assets, including Bitcoin, Ether, Bitcoin Cash, and Litecoin.
The Commonwealth Bank of Australia (CBA) intends to provide cryptocurrency trading services for its 6.5 million CommBank app users.
The CBA will be the first bank in Australia to assist cryptocurrency, and Blockchain Australia believes it is "inevitable" that the other "big four" banks, including National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), and Westpac, will follow suit soon.
The CBA announced on Wednesday that it has partnered with the Gemini crypto exchange and blockchain analysis firm Chainalysis to start its crypto services. In the following weeks, the bank will begin a test for a small number of customers before launching the full service in 2022.
The CEO of Blockchain Australia,Steve Vallas,told that this move was “extraordinarily important,” as the big four banks in Australia “underpin our national and international reputation as a financial services destination.”
Gemini's global head of business development, Dave Abner, stated that his company is "proud" to be working with CBA to deliver world-class crypto services.
"The exponential growth of digital assets internationally, coupled with Gemini's institutional-grade security and proactive regulatory approach, positions this partnership to set a new standard for banks and financial platforms in Australia and across the globe," he stated.
However, not everyone was satisfied with the CBA's partnership, with Adrian Przelozny, CEO of Australian crypto exchange Independent Reserve, stating his displeasure with the bank's partnership with an overseas company.
“It’s disappointing that CBA went with an overseas player and didn’t engage with local players at all. We will be reaching out to the other Australian banks now,” Przelozny said.
On October 15, it was reported that Allan Flynn, a Canberra-based Bitcoin (BTC) dealer, settled his first complaint against ANZ for de-banking him in 2018 and 2019 due to his profession as a Digital Currency Exchange.
While ANZ refused any liability, the bank offered him the opportunity to reapply for a bank account, implying that the bank is more open to crypto than it was two to three years ago. Flynn is also seeking a similar case against Westpac.