Major Crypto Services Planned for Release by the Commonwealth Bank of Australia

Major Crypto Services Planned for Release by the Commonwealth Bank of Australia

Important crypto-related news arrived today from Australia, as the Commonwealth Bank of Australia (CBA) is the first bank in the country to start offering crypto services to its users. Clients can directly access these from the pre-existing bank app.

The bank revealed that the new services were made specially to tailor the growing need of certain customers wishing for access to crypto derivatives. However, the bank is hoping to bring these services to all of its 6.4 million users.

From now on, the bank will allow for the purchase and selling of cryptos, as well as offering custodian services, a product achieved via its partnership with Gemini Trust.

Matt Comyn, the CEO of the bank, commented on the matter that the demand for cryptocurrencies creates an equal level of opportunity and challenge to the local financial services sector, which is experiencing a rise in new users and new “business models innovating in this area,”

The pilot program of the project will launch in the next weeks or so, while the actual roll-out is expected to arrive next year, which will include additional features. The CBA will offer ten digital coins, including the most popular ones like BTC, ETH, and Litecoin.

It has been a fact for a while now that the Australian regulator has taken a keen interest in the ever-expanding crypto space. ASIC also aims to increase crypto fraud awareness among Aussie traders and brokers alike.

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