Australia's CBA leads industry to offer in-app crypto trading

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Australia's Commonwealth Bank logo is pictured astatine a subdivision successful Sydney, August 2, 2014. REUTERS/David Gray/File Photo

SYDNEY, Nov 3 (Reuters) - Commonwealth Bank of Australia volition go the country's archetypal to connection retail clients crypto services, Australia's largest slope said connected Wednesday, marking a alteration from the assemblage that had refused to bash concern with cryptocurrency providers.

Starting with a aviator this year, Commonwealth Bank volition spouse with Gemini Trust Company LLC, a New York-based crypto exchange, to connection trading successful 10 cryptocurrencies done its banking app, which is utilized by astir 6.4 cardinal customers.

"We judge we tin play an important relation successful crypto to code what's intelligibly a increasing lawsuit need," Commonwealth Bank Chief Executive Matt Comyn said successful a statement.

The determination stands successful opposition with CBA's 3 smaller peers - National Australia Bank (NAB) (NAB.AX), Westpac Banking Corp (WBC.AX) and Australia and New Zealand Banking Group Ltd (ANZ.AX) - which successful September faced criticism for refusing to bash concern with cryptocurrency providers. work much

At the time, Comyn said CBA was studying the abstraction but had besides antecedently cancelled immoderate concern accounts of customers who were doing concern with cryptocurrencies.

CBA said its determination to connection the work had been driven by a increasing lawsuit request for integer currencies, and follows different fintechs offering crypto services specified arsenic Square , PayPal Holdings (PYPL.O) and British-based Revolut. work much

Earlier this year, CBA besides pb the Australian industry's introduction into the fast-growing Buy Now Pay Later assemblage successful an effort to fend-off contention from Afterpay Ltd (APT.AX), which this twelvemonth agreed to beryllium bought by Square for $29 billion.

"This is truly clever from CBA," Jefferies banking expert Brian Johnson said.

"They've got a batch of younker customers and holding connected to them and getting much radical engaged with their apps with aggregate functions, that makes them truly sticky and tin make semipermanent value."

The slope said it would archetypal connection the quality to buy, merchantability and clasp 10 cryptocurrencies including Bitcoin, Etherum and Litecoin. More features would beryllium rolled retired successful 2022 and it would research options including offering crypto payments for goods and services, it said.

It would enactment with U.S. blockchain information level Chainalysis to assistance its compliance squad show and mitigate the menace of cyber crimes. work much

CBA shares were somewhat higher successful greeting trading, successful enactment with the broader marketplace (.AXJO).

Reporting by Paulina Duran successful Sydney; Editing by Karishma Singh and Stephen Coates

Our Standards: The Thomson Reuters Trust Principles.

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