Australia’s largest bank to integrate Bitcoin services in app

By FintechNews staff

Summary: 

-Australia’s largest bank will reportedly allow its customers to buy, sell, and hold bitcoin starting next year.

-Commonwealth Bank’s customer base of 6.5 million people represents over 25% of Australia’s total population.

-It is unclear whether customers will be able to withdraw their bitcoin to an external wallet.

-Furthermore, the Australian banking giant said that it would currently support 10 crypto assets, which include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH). The offering will commence as a pilot and is scheduled to start in the coming weeks.

-CBA is Australia’s largest bank and the country’s leading financial services provider, including retail, premium, business, and institutional banking

-Outside of Australia, there are large banks that are also offering crypto services to clients. Some of them include American banking giants such as State Street, Bank of New York Mellon (BNY Mellon), Cowen, and South Korean financial institution behemoth Woori Financial Group.

To go deeper on these subjects: 

–Banks have added 1,000 crypto jobs since 2018 and are reportedly offering 50% bump in pay to woo talent as digital assets boom

-US Bank launches bitcoin custody service as institutions race to cater to crypto demand