Commonwealth Bank will become Australia‘s first financial institution to provide cryptocurrency trading

<p>Commonwealth Bank announced today that its CommBank app will enable clients to buy, sell, and retain digital assets, including Bitcoin.</p> <p>The test is scheduled to begin in the "coming weeks," with the bank intending to roll out additional features to customers in 2022, marking the first venture into crypto by an Australian bank. It will allow access to up to ten crypto assets to its 6.5 million app users, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.</p> <p>According to CBA CEO Matt Comyn, the introduction of digital currencies posed both a challenge and an opportunity for the financial services sector, spurring tremendous innovation in business models.</p> <p>He stated that the bank's goal was to meet customers' "increasing demand for digital currencies" while also providing a level of security and confidence in a cryptocurrency trading platform.</p> <p>Caroline Bowler, CEO of Australian cryptocurrency exchange BTC Markets, described CBA's decision as "exciting and inevitable," adding that it may see Australia go from "playing catch-up" to a worldwide leadership position as millions of users gain easier access to cryptocurrencies.</p> <p>"With regulation imminent and the country's major bank approving, the floodgates have opened for additional hunger from traditional finance and smart money to enter into cryptocurrencies," Ms Bowler said.</p> <p>The new offering was made possible by CBA's collaboration with cryptocurrency exchange Gemini and blockchain research firm Chainalysis.</p> <p>This is not the only new product revealed by CBA in recent months; in August, the large bank launched its buy now pay later service StepPay.</p> <p>Keep in mind that, as a highly volatile and relatively new form of investment, bitcoin entails a variety of dangers that buyers should be aware of. For instance, ASIC warns on its Moneysmart website that individuals "may lose a lot of money" if they purchase cryptocurrency without conducting sufficient research, with quick price changes and crypto scams being