Insights

CBA (ASX:CBA) just became the first Aussie bank to offer Bitcoin and crypto services

Bitcoin and cryptos look to be going mainstream.
The post CBA (ASX:CBA) just became the first Aussie bank to offer Bitcoin and crypto services appeared first on The Motley Fool Australia. –

Commonwealth Bank of Australia (ASX: CBA) is breaking new virtual ground.

This morning, CBA announced it will offer crypto services to its customers.

In an Australian first, the bank’s customers will be able to buy, sell and hold cryptocurrencies via CommBank’s app. This will include trading and holding Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

CBA reported that it is partnering with global crypto exchange Gemini and leading blockchain analysis firm Chainalysis. Gemini was founded by twin brothers Cameron and Tyler Winklevoss.

The bank intends to commence the pilot program within weeks and will then introduce additional features next year. Atop Bitcoin and Ethereum, CommBank said customers will have access to up to 10 selected cryptos. This will include Bitcoin Cash (CRYPTO: BCH) and Litecoin (CRYPTO: LTC).

What did CBA management say?

Commenting on the crypto services rollout, CBA CEO Matt Comyn said:

The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

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.

A word from Gemini and Chainalysis

Gemini’s global head of business development, Dave Abner, added:

We are proud to be providing exchange and custody services to CBA as they begin to unlock access to cryptocurrency investments for many Australians.

The exponential growth of digital assets internationally, coupled with Gemini’s institutional-grade security and proactive regulatory approach, positions this partnership to set a new standard for banks and financial platforms in Australia and across the globe.

Furthermore, Chainalysis CEO Michael Gronager noted that:

Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely.

Meanwhile, on the topic of safety, CBA’s Matt Comyn said:

Customers have expressed concern regarding some of the crypto services in market today, including the friction of using third party exchanges, the risk of fraud, and the lack of trust in some new providers.

This is why we see this as an opportunity to bring a trusted and secure experience for our customers.

The post CBA (ASX:CBA) just became the first Aussie bank to offer Bitcoin and crypto services appeared first on The Motley Fool Australia.

Should you invest $1,000 in Commonwealth Bank right now?

Before you consider Commonwealth Bank, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Commonwealth Bank wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

ASX 200 (ASX:XJO) midday update: CBA enters crypto market, AMP jumps

Did an Aussie invent Bitcoin? The $86 billion question facing a US court

Leading brokers name 3 ASX shares to sell today

Which ASX bank shares were the best performers during October?

It’s been a great 2021 so far for the CBA (ASX:CBA) share price

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!