(CBA) The Commonwealth Bank of Australia is collaborating with Chainalysis and Gemini to enable it to become the first Australian bank to offer direct crypto services.
The partnership will create a crypto exchange, a custody service, and an app, the CommBank app, that allows users to access the service.
The project’s initial phase will start in a few weeks, and the bank will unveil more features next year.
CommBank will list ten cryptocurrency assets, including Ethereum, Bitcoin Cash, and Litecoin.
CBA CEO Matt Comyn says that the move has been necessitated by the growing need for crypto services among the bank’s customers.
Chainalysis, a global blockchain, and data analytics firm, will assist in compliance and security, while Gemini will provide the exchange and custody services.
CBA: ASX is up +1.17%, BTCUSD is down -1.23%.
