Commonwealth Bank of Australia Becomes Country’s First Crypto Facilitator Bank

Commonwealth Bank of Australia has become the first bank within the Australian banking sector have decided to facilitate crypto trading from its banking platform. The bank is planning to introduce crypto trade facility particular for its retail clients, for which it may soon be initiating the test prior to 2022.

One of the major banks of Australia, which has come out of its usual shell, is the Commonwealth Bank of Australia (CBA). CBA is now officially the first bank of Australia which has gone rogue in the financial sector by integrating virtual assets. The bank has therefore increased the number of its competitors which were earlier limited to financial institutions only. Now the newest rivals of CBA are going to be the fin-tech firms working in Australia.

By far CBA is clearly the biggest private bank in Australia which is providing finance facilities to majority of Australian loan seekers. It has been reported that CBA has executed a partnership agreement with a crypto firm called “Gemini Trust Company LLC”. Gemini though is an American firm yet its business expands all over the world. At presently, Gemini’s customers include more than 6.5 million individuals and institutional clients in the world. All these 6.5 million customers of Gemini are also the users of its self-developed mobile app.

Matt Comyn, CEO of CBA, said that he is a firm believer that CBA is fully capable of making the difference in the digital asset industry. The demand of virtual assets is growing rapidly in Australia, however, there are only a handful of reliable virtual trading platforms. This gap of having reliable crypto trading platforms can be gracefully fulfilled by CBA, claimed Comyn.

On the other hand, Australian crypto experts and proponents also appreciated the decision taken by CBA. They reminded that the Australian crypto industry’s market cap is over and above US$ 2.6 Trillion. Therefore, it needs reliable and trustworthy institutions into the industry which not only provide crypto services but also ensure customers’ protection. They welcomed the inclusion of CBA into the digital asset industry and said that it is good to have CBA on board.

Caroline Bowler, who is the CEO at BTC Markets commented that it is astonishing to learn that CBA has taken the initiative. Being the major bank of Australia, CBA’s initiative is essential for encouraging other financial institutions to become part of the industry.

As regards to the launching of crypto trade services from CBA’s platform, the bank said people would have to wait till the coming of 2022. Comyn said that with its partner, Gemini, both will be carrying out the test of crypto services first. Once the test results are proven successful, then the full-fledge launch of crypto services will be initiated in 2022. Until then, the bank wants to focus on the testing, said Comyn.