The Commonwealth Bank will allow users of its app to buy and sell cryptocurrencies, a first for any major Australian bank.
The past Wednesday, Commonwealth Bank announced its partnership with crypto exchange, Gemini, and Blockchain analysis firm, Chainalysis, to offer the service to over 6.5m Australians.
The partnership will offer CommBank users access to 10 cryptocurrency assets including, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The set date for launch isn’t until 2022, but Commonwealth Bank plans to conduct a pilot for the platform within the coming weeks.
Is this a wise move for one of Australias biggest banks and will other worldwide banks follow in their footsteps?