Commonwealth Bank of Australia or CommBank will soon become the first to let its account holders trade in cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash & Litecoin. As per a report from Coin Desk, the bank has partnered with Gemini, a crypto exchange to facilitate trading. The bank also collaborated with a firm ‘Chainalysis’, which provides compliance and intelligence services for transactions over blockchains. Shiba Inu Reaches All-Time High; Becomes 7th Largest Cryptocurrency With Market Cap of $51.4 Billion.
Bank customers are said to have access to 10 digital assets. Commonwealth Bank will integrate Gemini’s crypto exchange service into its app which will allow the bank customers to buy, sell and hold Bitcoin, Bitcoin Cash and Bitcoin Cash, among others.
We’re becoming the first Australian bank to offer the ability to buy, sell and hold crypto assets directly in the CommBank app. pic.twitter.com/OzX1qtvu9B
— CommBank (@CommBank) November 3, 2021
However, it is unclear if customers would be able to withdraw their digital currencies to their respective external wallets.
This service of Commonwealth Bank for trading in cryptocurrencies will start next week as an experiment, and new features will also be added to the banking app steadily. After the trading in cryptocurrencies is enabled, over 6.5 million CBA bank customers would be able to buy, sell, invest and view their holdings inside the main CBA banking app.
(The above story first appeared on LatestLY on Nov 03, 2021 03:16 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).