Australian bank Commonwealth Bank will allow customers to hold and use cryptocurrency

Commonwealth Bank of Australia will be the first major bank to allow its customers to buy, sell and hold products in cryptocurrencies.

Commonwealth Bank released a statement Wednesday, saying it has partnered with cryptocurrency exchange regulator Gemini to design a service for the CommBank app. It will allow its clients to access crypto assets, including Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

Implementation will begin in the coming weeks. Matt Comyn, CEO of Commonwealth Bank, said: “The emerging and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services industry, where a significant number of new players and business models are innovating in this space. To meet a growing customer need and We believe we can play an important role in crypto to provide capability, security and trust in a crypto trading platform.” said

Dave Abner, Head of Global Business Development at Gemini, said the partnership will “set a new standard for banks and financial platforms in Australia”.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.