• 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.

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