Many banks that were once only critical of the crypto money industry have now started to take important steps to not lag behind the crypto money revolution.
The Commonwealth Bank, one of Australia’s most important banks, was the most up-to-date institution to join this trend. The application named CommBank, which has served 6.5 million users, will now also provide crypto currency trading services.
4 Big Heads For The Cryptocurrency Revolution
CBA was the first bank to support cryptocurrencies in Australia, but the statement made by the bank emphasized that they will not be the first.
CBA officials pointed to the big four after emphasizing that it was inevitable for other banks to join this trend. The big four in question include Australia’s four largest banks, and the CBA was one of them. The rest are known as NAB, ANZ, and Westpac, and CBA officials said these announcements could come soon.
According to the announcement made on November 3, CBA has signed a partnership with leading cryptocurrency exchange Gemini and crypto analysis company Chainalysis.
Gemini will provide cryptocurrency storage and trading infrastructure here, while Chainalysis will be used to track suspicious transactions. The bank will offer its crypto service to a limited number of users in the coming weeks, and the service is expected to be fully operational in 2022.
CEO Steve Vallas previously emphasized that it is very important for the four largest banks to join the cryptocurrency revolution.