- Commonwealth Bank will allow its 6.5million customers to buy and sell Bitcoin
- Australia’s biggest bank will become one of the first in the world to allow this
- Chief executive Matt Comyn acknowledged a ‘growing demand’ for digital coins
Published: 09:10 AEDT, 3 November 2021 | Updated: 11:41 AEDT, 3 November 2021
Australia’s biggest bank will allow its customers to buy and sell Bitcoin in a bold bid to win over the young.
The Commonwealth Bank has announced a major shake-up that will see cryptocurrency traded on its banking app, making it a world leader and the first bank in Australia to allow this.
The bank’s 6.5million customers will be able to buy and sell digital currencies like Bitcoin in the way they can make share transactions on a CommSec app, as decentralised finance becomes more mainstream.
Chief executive Matt Comyn revealed a trial would be done in coming weeks with crytpo exchange group Gemini and blockchain analysis firm Chainalysis.
A product with more features would be launched in 2022.
The Commowealth Bank will provide customers with access to up to ten selected cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
‘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,’ Mr Comyn said.