Australia’s largest bank integrates Bitcoin into the app

Australia’s largest bank is said to have started with Bitcoin (BTC). The Commonwealth Bank wants to integrate cryptocurrency into its online environment.

According to the Australian Financial Review, the bank will offer a number of services. Starting with buying and holding bitcoin and other “digital assets”. From next year, Commonwealth Bank customers should be able to buy and store bitcoin at the bank.

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Customers simply need a button on their app to buy bitcoin. It doesn’t appear that bitcoin can be withdrawn directly as well, the service seems to be aimed at people who want to get exposure to bitcoin but don’t want to store it themselves.

The Commonwealth Bank has been around since 1911, so it’s a relatively old institution. It is not without reason that they are cooperating with other parties to launch this service on the ground.

The bank has checked with Gemini about its services as a custodian. Chainalysis has been contacted to analyze cash flow in order to ward off unwanted customers.

Banks

Commercial banks around the world are increasingly aware of the value of bitcoin. And that value to them isn’t in the ideology or the Bitcoin protocol, it’s just a way for banks to make more money.

Billions of dollars are traded every day on various exchanges around the world. The banks also want to take advantage of it. They see the cryptocurrency exchange turning out to be huge transformations. As a bank, you usually want to take advantage of this.

Not all commercial banks will do something with bitcoin. However, there is a clear trend: more and more banks are trying to occupy a place in this new financial world.

About Sandra A. Powell

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