{"id":52245,"date":"2021-11-03T10:35:43","date_gmt":"2021-11-03T08:35:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52245"},"modified":"2025-09-03T09:19:22","modified_gmt":"2025-09-03T06:19:22","slug":"australias-largest-bank-to-give-clients-access-to-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/australias-largest-bank-to-give-clients-access-to-cryptocurrencies\/","title":{"rendered":"Australia&#8217;s largest bank to give clients access to cryptocurrencies"},"content":{"rendered":"<p>Commonwealth Bank of Australia <a href=\"https:\/\/www.commbank.com.au\/articles\/newsroom\/2021\/11\/CBA-to-offer-crypto-services.html\">\u043e\u0431\u044a\u044f\u0432\u0438\u043b<\/a> that it would become the first bank in the country to offer clients the ability to buy, sell and store cryptocurrency through its own CommBank app.<\/p>\n<p>The institution established partnerships with the Bitcoin exchange and custodian Gemini, as well as analytics firm Chainalysis. They helped the bank develop a service for exchange and custody of digital assets for CommBank.<\/p>\n<p>The pilot launch of the new feature will take place in the coming weeks, and for a broad set of clients it will gradually roll out in 2022.<\/p>\n<p>According to the press release, the bank will support ten cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.<\/p>\n<p>The decision to add crypto-related services was made following a study. In its findings, a large number of clients already trade and store cryptocurrencies on third-party platforms.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe emergence and growing demand for digital currencies from clients create both problems and opportunities for the financial services sector, which has witnessed the emergence of new players and business models implementing innovations in the field,\u201d said Matt Comyn, CEO of Commonwealth Bank.<\/p>\n<\/blockquote>\n<p>He said that, to meet demand, the bank took a \u201cstrategic decision\u201d to partner with Gemini to integrate the exchange&#8217;s services into CommBank via <span data-descr=\"application programming interface\" class=\"old_tooltip\">API<\/span>.<\/p>\n<p>The collaboration with Chainalysis is intended to help Commonwealth Bank comply with regulatory requirements in the new domain and reduce criminal risks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cCustomers have expressed concerns about some crypto services offered on the market, including issues with using third-party exchanges, risk of fraud, and a lack of trust in some providers,\u201d said Mr. Comyn.<\/p>\n<\/blockquote>\n<p>In the first half of 2021, Australians <a href=\"https:\/\/u1f987.com\/en\/news\/australians-lose-more-than-25-7-million-to-bitcoin-scammers\">lost<\/a> more than $25m to cryptocurrency-related fraud.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Commonwealth Bank of Australia has announced that it will become the first bank in the country to offer clients the ability to buy, sell and store cryptocurrency through its CommBank app.<\/p>\n","protected":false},"author":1,"featured_media":52246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1229,2261],"class_list":["post-52245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-banks-and-fintech","tag-commonwealth-bank-of-australia"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=52245"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52245\/revisions"}],"predecessor-version":[{"id":52247,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52245\/revisions\/52247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52246"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}