Australia's Largest Bank CBA to Pilot Cryptocurrency This Month... First Among Australian Banks

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Commonwealth Bank of Australia (CBA), the largest bank in Australia, will offer a service that allows trading of cryptocurrency assets such as Bitcoin through its mobile application (app).

According to the Australian daily The Australian on the 3rd, CBA announced that it will provide cryptocurrency trading and holding services to customers by partnering with the global cryptocurrency exchange Gemini and blockchain analytics firm Chainalysis.

This marks the first time a major commercial bank in Australia has officially entered the cryptocurrency trading market.

To this end, CBA plans to add cryptocurrency trading features to the CBA mobile app, beginning a pilot operation within this month and launching full-scale distribution starting next year.

CBA has selected 10 major cryptocurrency assets as primary trading targets, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Additionally, by implementing a closed-loop system that prohibits direct transfers from one cryptocurrency wallet to another, CBA aims to enhance the safety and security of transactions.

Matt Comyn, CEO of CBA, stated, "Recently, the number of cryptocurrency investors has rapidly increased to account for 8% of the total population," adding, "Integrating them into traditional financial services will enable easier investment."

He also noted, "There remains a question as to whether cryptocurrencies hold intrinsic value," and added, "CBA is not offering this as a product to customers."

This content was produced with the assistance of AI translation services.