Research from CBA has found a large number of its customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.
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.
“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,” he said.
Dave Abner, Global Head of Business Development, Gemini, said: “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.”
As part of its approach CBA has also partnered with Chainalysis, a global leader in blockchain data and analytics to help compliance teams monitor and mitigate the threat of crime through crypto asset exchanges.
Michael Gronager, CEO and Co-Founder, Chainalysis, said: “Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market.”
Mr 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.
“We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping,” he said.
Updated 19 April 2022: Readers of the above article should be aware that a fake news article is circulating on social media alleging that CBA has invested in a cryptocurrency trading platform referred to as “BitQT”. This is false and untrue. CBA has ascertained this is a scam designed to entice people to go to the scammer’s website and provide their personal details and money. CBA has reported the same to the relevant authorities and requested social media publishers to take down the false article. See cryptocurrency scam warning for further information, or go to https://www.commbank.com.au/support/security/sms-phishing-scams.html
Note to editors:
Gemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies like bitcoin, ether, and DeFi tokens. Gemini’s simple, reliable, and secure products are built to empower the individual. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. For more information, visit https://www.gemini.com.
Chainalysis is the blockchain data platform. They provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Chainalysis data powers investigation, compliance, and market intelligence software to allow consumer access to cryptocurrency safely. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis aims to build trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.