Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

New CBA app feature lets you buy and sell cryptocurrency

By Aaron BellCryptocurrencyNov 03, 2021 12:28
au.investing.com/analysis/new-cba-app-feature-lets-you-buy-and-sell-cryptocurrency-200491345
New CBA app feature lets you buy and sell cryptocurrency
By Aaron Bell   |  Nov 03, 2021 12:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

CBA will initially provide customers with access to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Commonwealth Bank Of Australia (ASX:CBA) is Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets - directly through the CommBank app.

The pilot will start "in the coming weeks" and CBA intends to progressively rollout more features to more customers in 2022.

CBA has partnered with regulated crypto exchanges and custodians, Gemini, and blockchain analysis firm, Chainalysis.

Both partnerships have allowed the bank to design a crypto exchange and custody service that will be offered to customers through a new feature in the app.

CBA CEO Matt Comyn said there has been growing demand for digital currencies from customers.

"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," Mr Comyn said.

"In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions.

"CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs."

Policy, regulations catching up to crypto

CBA's move sets the bank up to compete with Square (NYSE:SQ) and Paypal, which already offer crypto 'wallet' services.

However in Australia, policy still remains somewhat behind sentiment as financial advisers cannot legally recommend cryptocurrencies to clients.

Under the terms of their licence individuals authorised to provide personal advice to clients can only recommend investments classed as financial products.

Currently, cryptocurrency is not considered a financial product, and many Aussies have been hesitant investing in crypto due to scams and social media driven, 'get rich quick' trends.

On Friday, corporate regulator ASIC released guidance on crypto-asset related investment products.

It includes 'good practice' for market operators, admission and monitoring standards, disclosure and risk management, and more.

"Crypto-assets have unique characteristics and risks that must be considered by product issuers and market operators in meeting their existing regulatory obligations," ASIC Commissioner Cathie Armour said.

"The good practices we published provide practical examples of how these obligations may be met, in a way that maintains investor protections and Australia's fair, orderly and transparent markets."

CBA's move to include crypto trading on the CommBank app, only pushes digital currencies more into the mainstream.

"We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping," Mr Comyn said.

"New CBA app feature lets you buy and sell cryptocurrency" was originally published on Savings.com.au and was republished with permission.

New CBA app feature lets you buy and sell cryptocurrency
 

Related Articles

FXOpen Team
BTCUSD and XRPUSD Technical Analysis By FXOpen Team - Mar 30, 2022

BTCUSD Bullish Engulfing Pattern Above $42,000We can see continuous appreciation in the price of BTCUSD from last week, and today it has managed to cross the $47,000 handle in the...

New CBA app feature lets you buy and sell cryptocurrency

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Tony Lou
Tony Lou Nov 03, 2021 21:37
Saved. See Saved Items.
This comment has already been saved in your Saved Items
This is excellent news. "Gradually, then suddenly".
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email