- Commonwealth Bank of Australia partnered with crypto exchange Gemini.
- The partnership will allow users to buy and sell crypto through the CommBank app.
- Commonwealth Bank of Australia is one of the biggest banking institutions in the country.
The Commonwealth Bank of Australia (CBA) has announced its collaboration with US-based cryptocurrency exchange Gemini. Through the partnership, CBA will enable users to buy and sell cryptocurrency on its CommBank app.
The new crypto services will launch in the coming weeks as a pilot. Moreover, as per the announcement, users will have access to ten cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
According to CBA CEO Matt Comyn,
“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.”
For his part, Dave Abner, Global Head of Business Development of Gemini, said:
“We are proud to be providing exchange and custody services to CBA as they begin to unlock access to cryptocurrency investments for many Australians. 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.”
This partnership is a massive move for the crypto space, particularly in Australia, as CBA is one of the country’s Big Four banks. Aside from partnering with Gemini, CBA has also collaborated with blockchain-based analysis platform Chainalysis to maintain the security of this new service.
Meanwhile, other major banks such as Westpac, Australia and New Zealand Bank (ANZ), and National Bank Australia (NAB) have yet to accept cryptocurrency.
In another news, Ethereum price has reached its all-time high (ATH) of $4,634.13, according to CoinGecko.
Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.