- Commonwealth Bank of Australia (OTC:CMWAY) becomes the country’s first main-street bank to offer crypto trading.
- CBA plans to offer this service to all retail clients and customers — as a part of validating the crypto industry.
- As a result, CBA is now breaking industry ranks and looks to match services from rival fintech firms.
Commonwealth Bank of Australia (CBA) will now become the country’s first main-street bank to provide a trading platform for retail customers. Shortly after, reports say that CBA is now breaking industry ranks — matching offerings from rival fintech firms.
The country’s biggest lender will collaborate with New York-based exchange — Gemini Trust Company LLC, to offer a “crypto exchange and custody service” through a new feature in CBA’s mobile banking app. More than 6.4 million customers actually use this app.
We’re becoming the first Australian bank to offer the ability to buy, sell and hold crypto assets directly in the CommBank app. pic.twitter.com/OzX1qtvu9B— CommBank (@CommBank) November 3, 2021
As a result, customers will be able to trade cryptocurrencies. This partnership put CBA at odds with its Big Four peers that dominate the country’s banking sector. Namely, these are National Australia Bank (OTC:NABZY) (NAB) (NAB.AX), Australia and New Zealand Banking Group Ltd (ANZ.AX), and Westpac Banking (NYSE:WBK) Corp (WBC.AX).
Commonwealth Bank Chief Executive — Matt Comyn stated,
We believe we can play an important role in crypto to address what’s clearly a growing customer need.
Similarly, crypto executives and enthusiasts noted that Australia’s move would help validate the industry in some way. CBA also mentioned that the growing client demand has driven them to make this decision. Seeing fintech companies like Square, Paypal, and Revolut offering local crypto services is also another reason, as CBA said.
Even the Chief Executive of BTC Markets —Caroline Bowler, commented on this matter and said:
Nothing that I know, particularly from a bank of this size, enables retail clients to directly buy crypto through their platform, to the best of my knowledge. So it’s really exciting.
Furthermore, the CBA team noted that more features will roll out in 2022. More so, CBA said that it will explore more options like crypto payments for goods and services as well.
Indeed, big names in the crypto industry are excited about CBA’s decision and are looking forward to its future endeavors.