Australia’s largest bank, Commonwealth Bank, will offer cryptocurrency services starting next year, making it the first major Australian bank to enter the crypto industry. With this move, the bank is set to allow 6.5 million users of its CommBank app to buy, hold, and sell cryptocurrencies.
In a statement issued Wednesday, the CBA plans to launch the pilot program in the coming weeks, with a full rollout of additional features scheduled for 2022. In addition, the megabank has partnered with crypto exchange Gemini and blockchain analysis firm Chainalysis to offer crypto services.
Commonwealth Bank plans to support up to ten assets on its banking app including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. It is currently the only bank out of Australia’s “Big Four” banks to offer services in the new investment class.
“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,” CBA CEO Matt Comyn said in a statement. He added:
“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.”