Australia’s CBA offers crypto trading, breaking standards with industry.

The Australian Commonwealth Bank logo will be displayed at the Sydney branch on August 2, 2014. REUTERS / David Gray / File Photo

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  • It plans to offer crypto business to retail customers
  • Activity helps to secure the crypto industry – fans
  • CBA breaks standards with banking industry in Australia
  • This year’s pilot, to explore crypto payments

Sydney, November 3 (Reuters) – Commonwealth Bank of Australia (CBA.AX) will be the country’s first major street bank to offer retail to retail customers in a way that appears to be in line with competitor Fintech’s offerings. .

Australia’s largest lender has partnered with New York-based exchange Gemini Trust LLC to provide “crypto exchange and security services” with a new feature for mobile banking applications for 6.4 million customers.

“We clearly believe that crypto can play a key role in addressing the growing customer demand,” Commonwealth Bank chief executive Matt Comyn said in a statement.

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Crypto currency executives and supporters say the move will help secure the $ 2.6 trillion crypto trading industry.

“I don’t know anything, especially from a bank of this size, it allows retail customers to buy their cryptocurrencies directly from the platform, as far as I know. So it’s very exciting.” The largest crypto exchange in Australia.

The growing popularity of cryptocurrencies has created problems for major banks as they try to balance consumer demand for digital coins with regulatory risks.

Some large banks in the US and Europe offer crypto trading services to institutional clients. Others, such as Saxon Bank, ETF or other crypto-linked products, provide crypto access. Singapore DBSM.SI provides cryptocurrency trading platform for wealthy customers.

The CBA’s move sets it apart from its Big Four peers who control the banking sector.

In September, the group was criticized in parliament for refusing to do business with crypto suppliers.

At the time, Komin CBBA was studying the site but had previously deleted some business accounts of customers trading in secret currencies.

Liberal Party Senator Andrew Brag, who led the study, said: “Banks have long ignored cryptocurrency as an illegal brake chase.”

The CBA said the move was prompted by growing customer demand. Read more

The Bank also sought to prevent competition from Afterpay Ltd (APT.AX) by leading the Australian industry into the fast-growing sector, which entered the fast-growing sector earlier this year.

“This is a lot better than the CBA,” said Brian Johnson, Jeffrey’s bank analyst.

“They have a lot of young customers and by capturing them and engaging a lot of people with their apps to do a lot of things, this will keep them stuck and can create long-term value.”

Starting this year, the bank said it will be able to buy, sell and hold 10 secret currencies, including Bitcoin, Ethereum and Lithotine.

He said it would explore options, including the release of additional features by 2022 and the provision of cryptography payments for goods and services.

Collaborates with US blockchain data platform to monitor and control cybercrime threats. Read more

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Report by Paulina Duran in Sydney; Edited by Karishma Singh, Stephen Cots and Richard Eli

Our standards are published in The Thomson Reuters Trust Principles.

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