In a move obviously targeted at supporting crypto assets in the country, the Commonwealth Bank of Australia has announced that it would launch a crypto trading service for the 6.5 million users of its CommBank app.
If implemented, the move would make the financial institution the first bank in the country to openly support crypto.
Following indications that the bank is set to launch the move, analysts have explicitly stated that the moment banks in the country would support crypto has always been inevitable, adding that the other four frontline banks in the country would be towing similar line soon. These banks include: National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ) and Westpac.
In a statement to officially announce the bank’s plan made available to the public on November 3, it revealed that it has secured a partnership with Chainalysis, a foremost blockchain analysis firm and Gemini crypto exchange.
To test run it, it would begin through a pilot program which would be accessible to a limited number of customers in the coming weeks. After this, the full launch to the public is expected to hit the waves in 2022.
A total of ten crypto assets would be supported through the app. Currently, the bank has released the names of four of these assets. They are: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) named at this stage.
Speaking on the development, CEO of Blockchain Australia, Steve Vallas, said “the confidence that this provides local digital asset sector participants will be dwarfed by the impact that this signal sends around the world that Australia should be a destination for cryptocurrency and digital asset adoption.”
Vallas believes the rapid growth and adoption of crypto has shifted the risk of maintaining a wait and see approach in the view of the big banks to a risk of inaction and being left behind.