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Crypto Assets Banking Arrives Down Under

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An Australian bank is claiming to be the first in the country to offer customers the ability to buy, sell and hold crypto assets, directly through its app.

Commonwealth Bank (CBA) says it has partnered with Gemini and Chainalysis to design a crypto exchange and custody service that will be offered to customers through a new feature in the CommBank app.

A pilot will commence in the coming weeks before being rolled out to more customers next year. CBA will give customers access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

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Customers Access Crypto as Investments

The bank says many customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.

CBA CEO Matt Comyn said: ‘The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

‘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.

‘In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.’

Building Trust

Michael Gronager, CEO and Co-Founder, Chainalysis, added: ‘Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market.’

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