CBA's research has found that a large number of its clients want to access crypto assets as an investment class and are already buying, selling, and holding crypto assets through a variety of crypto exchanges.
Matt Comyn, CEO of CBA, said: โThe emergence and growing demand for digital currencies from customers creates challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.
โWe believe that we can play an important role in crypto to address what is clearly a growing need from customers and provide capacity, security and trust in a cryptocurrency trading platform.
โIn looking for ways in which we can support our customers, we have made a strategic decision to form an exclusive partnership in Australia with Gemini, a world leader with strong security and a track record of serving large institutions. CBA will take advantage of Gemini's crypto exchange and custody service and integrate it into the CommBank application via API, โhe said.
Dave Abner, Global Director of Business Development at Gemini, said: โWe are proud to provide exchange and custody services to CBA as they begin to unlock access to cryptocurrency investments for many Australians. The exponential growth of digital assets internationally, coupled with Gemini's institutional-grade security and proactive regulatory approach, positions this partnership to set a new standard for banks and financial platforms in Australia and around the world. "
As part of its approach, CBA has also partnered with Chainalysis, a global leader in blockchain data and analytics to help compliance teams monitor and mitigate the threat of crime through the exchange of crypto assets.
Michael Gronager, CEO and Co-Founder of Chainalysis, said: โFinancial institutions like CBA play an integral role in growing the adoption of cryptocurrencies safely. We are delighted to be part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market. "
Mr. Comyn said: โCustomers have raised concerns regarding some of the crypto services on the market today, including the friction of using third-party exchanges, the risk of fraud, and a lack of trust in some new providers. That is why we see this as an opportunity to provide a reliable and safe experience for our customers.
"We remain committed to reinventing banking and will continue to bring more functionality to the CommBank application, including investing and purchasing," he said.
Note to editors:
About Gemini
Gemini is a platform that allows customers to buy, sell, store, and earn cryptocurrencies such as bitcoin, ether, and DeFi tokens. Gemini's simple, reliable and safe products are designed to empower the individual. Gemini was founded in 2014 by twin brothers Cameron and Tyler Winklevoss. For more information visit https://www.gemini.com.
About Chainalysis
Chainalysis is the blockchain data platform. They provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in more than 60 countries. Chainalysis data powers research, compliance, and market intelligence software to securely enable consumers to access cryptocurrencies. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading venture capital firms, Chainalysis aims to build trust in blockchains to promote more financial freedom with less risk. For more information visit www.chainalysis.com.
