Commonwealth Bank of Australia will become the country’s first to offer retail clients crypto services, Australia’s largest bank said on Wednesday, marking a change from the sector that had refused to do business with cryptocurrency providers.
Starting with a pilot this year, Commonwealth Bank will partner with Gemini Trust Company LLC, a New York-based crypto exchange, to offer trading in 10 cryptocurrencies through its banking app, which is used by about 6.4 million customers.
Commonwealth Bank of Australia will become the country’s first to offer retail clients crypto services, Australia’s largest bank said on Wednesday, marking a change from the sector that had refused to do business with cryptocurrency providers.
Starting with a pilot this year, Commonwealth Bank will partner with Gemini Trust Company LLC, a New York-based crypto exchange, to offer trading in 10 cryptocurrencies through its banking app, which is used by about 6.4 million customers.
At the time, Comyn said CBA was studying the space but had also previously cancelled some business accounts of customers who were doing business with cryptocurrencies.
CBA said its decision to offer the service had been driven by growing client demand for digital currencies and follows other fintech offering crypto services such as Square, PayPal Holdings (PYPL.O) and British-based Revolut.
