Australia’s CBA offers crypto trading, breaks ranks with industry – Reuters

Australia’s CBA offers crypto trading, breaks ranks with industry – Reuters

Australia’s Commonwealth Bank logo is pictured at a branch in Sydney, August 2, 2014. REUTERS/David Gray/File Photo

  • Plans to offer crypto trading to retail clients
  • Move helps validate crypto industry – supporters
  • CBA breaks ranks with banking industry in Australia
  • Pilot this year, to explore crypto payments

SYDNEY, Nov 3 (Reuters) – Commonwealth Bank of Australia (CBA.AX) will become the country’s first main-street bank to offer a platform for retail customers to trade cryptocurrencies, breaking industry ranks as it looks to match offerings from rival fintech firms.

Australia’s biggest lender said it will partner with New York-based exchange Gemini Trust Company LLC to offer a “crypto exchange and custody service” through a new feature in its mobile banking app that is used by about 6.4 million customers.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need,” Commonwealth Bank Chief Executive Matt Comyn said in a statement.

Cryptocurrency executives and supporters said the move would help validate the $2.6 trillion crypto trading industry.

“Nothing that I know,
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