The Commonwealth Bank of Australia (CBA) has confirmed that it will make available crypto trading services for the 6.5 million people who are currently using the CommBank app.
This makes CBA the first bank in the country to offer crypto support.
Blockchain Australia has commented that now it is “inevitable” that the other “big four” banks will do the same. The other important banks that Blockchain Australia was referring to are National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ), and Westpac.
CBA is working with the crypto exchange Gemini and Chainalaysis, the blockchain analysis company, in order for the crypto services to be available. The bank plans to have a pilot for several customers in the following weeks with the full rollout to take place in 2022.
Ten crypto assets are planned to become a part of the banking app, including, of course, Bitcoin, Ether, Litecoin, and Bitcoin Cash.
The CEO of Blockchain Australia, Steve Vallas, considers this to be an “extraordinarily important” move:
Vallas opinionated that since crypto has experienced such a high increase, the banks will move from the “wait-and-see approach” to an active one out of fear of not being left behind.
“It is inevitable that the other banks will follow suit. Clarity in the local regulatory landscape is emerging with issues such as licensing being tackled head-on by industry and by governments. That impediments to action and participation are being removed.”
Mixed Reviews
The CEO of local crypto exchange BTC Markets, Caroline Bowler, agreed with Vallas, saying that “with regulation, in the offing and the largest bank in the country allowing it, the floodgates are now open for more appetite from traditional finance.”
She further added:
The global head of business development at Gemini, Dave Abner, commented:
Meanwhile, the CEO of crypto exchange Independent Reserve, Adrian Przelozny, said he didn’t like the fact that the bank chose an overseas company: