Australia’s largest bank to integrate bitcoin services into app

Australia's largest bank to integrate bitcoin services into app

Commonwealth Bank (CBA) will allow its 6.5 million customers to buy, sell and hold bitcoin directly in its banking application. Australian Financial Review. The bank will become the first in Australia to offer customers direct access to bitcoin and join some other financial institutions in the world to meet the growing demand for scarce assets.

According to the report, CBA has yet to make a formal announcement and is preparing to share its development of integrating bitcoin into its app on Wednesday, November 3.

As reported by AFR.

He is also likely to confirm partnerships with Gemini, a cryptocurrency trading exchange that will facilitate trading, and Chainalysis, which will provide blockchain transaction intelligence and compliance services.

Sources close to the matter told AFR that more than 6.5 million CBA customers will be able to purchase bitcoin and other cryptocurrencies within the next year, as well as view their holdings within CBA’s main banking application. According to the report, allowing consumers to pay with bitcoin for daily consumables is “considered as an additional feature that may be added by the CBA in the future.”

CBA is Australia’s largest bank and the country’s leading provider of financial services, including retail, premium, business and institutional banks. The bank’s over 6.5 million customers represent more than 25% total population of the country.

If the CBA goes ahead with its plan to allow the purchase of Bitcoins through its main banking app, a quarter of the Australian population will have easy access to funds, among the best in the world. By lowering the barriers, CBA could allow millions of people to start buying their first bitcoin as early as next year.

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However, it is unclear whether Commonwealth Bank will allow customers to withdraw their bitcoins from an external wallet that holds the private key. The bank may specify its withdrawal plans in a formal notice. But, if neglected, this feature alone could hinder bitcoin adoption in the long run, as a way bitcoin would work in banking applications. ion and will effectively damage a large part of bitcoin-enabled sovereignty.

Source: bitcoin magazine

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Author Washington Milk

Bachelor in Business Administration, I am a technology enthusiast and fascinated by the world of cryptocurrencies, I venture into the world of business being a perpetual student. bitcoin: money of the future


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About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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