The Commonwealth Bank of Australia (CBA) has confirmed that it will launch a crypto trading service for 6.5 million consumers through the CommBank app.
The news is a big leap forward for the banking system and its adoption of cryptocurrencies in general, and is a first for a commercial bank in the country to endorse crypto.
The bank has teamed up with established crypto exchange Gemini and leading blockchain analysis and security firm Chainalysis.
Before scaling its offer to its full consumer base, CBA is planning on first introducing a pilot program that will be rolled out to a limited number of people.
The full product, if the pilot goes well, is expected to arrive at some point in 2022.
Commenting on this development for Cointelegraph, Blockchain Australia CEO 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.”
Gemini global head of business development Dave Abner welcomed the opportunity to work with the CBA and said that the partnership would allow the company launch a world-leading crypto service.
Through this alliance, Abner is convinced that the CBA and Gemini will be able to establish a new standard for banks and financial platforms who want to approach crypto but aren’t sure how.
Abner shares Vellas’ opinion that the significance of this alliance will translate globally as it will inspire other banks and financial institution to consider adopting crypto and launch such products to their customers. After banks tried to kill crypto and failed, they are now embracing it.