Commonwealth Bank has announced that its CommBank app now allows customers to buy, sell, and hold Bitcoin and other cryptocurrencies.
Usage of Commbank in enabling cryptocurrency services
As part of its plans to roll out further features to customers in 2022, the bank says it will begin testing the service soon. It will be the first Australian bank to offer crypto services. In addition to Bitcoin, Ethereum, Bitcoin Cash and Litecoin, the 6.5 million commbank app users will have access to up to 10 crypto assets.
Changing business models are a result of digital currencies, according to Matt Comyn, CEO of CBA. Digital currencies are both a challenge and an opportunity for financial services companies.
A crypto trading platform, he said, would provide a level of security and confidence to meet customers’ “growing demand for digital currencies.”.
Caroline Bowler, CEO of BTC Markets, says CBA’s announcement is “exciting and inevitable”. She thinks it will allow Australia to cease “playing catch up” globally and instead move forward as a global leader now that its customers’ access to cryptocurrency is made easier with commbank.
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Ms Bowler asserted that, with regulation on the way and the largest bank in the country permitting it, traditional finance and smart money will now have a greater appetite to move into cryptocurrencies.
Chainalysis and Gemini, two crypto exchanges and blockchain analysis firms, joined forces to create the new offering.
Aside from this, CBA has also released a buy now pay later program in August, as well as its StepPay service.
Considering that cryptocurrency is a volatile, relatively new form of investment, consumers need to be aware of the risks associated with it. The Australian Securities and Investments Commission (ASIC) warns on its Moneysmart website that cryptocurrency investors “could lose a lot of money” if they don’t do their homework, and rapid price changes and crypto scams should also be taken into account.
With StepPay, you’ll be able to see all your account information at a glance, what you’ve spent, and when repayments are due within your CommBank app.
Rather than tracking payments spread across multiple banks, lenders, apps, and dashboards, you can easily track payments using this software. Furthermore, you won’t have to use many different passwords. You’ll also feel relieved that you’re in control of your budget and spending. StepPay lets you control your finances more effectively and give you the peace of mind that your costs are covered wherever and whenever they arise.
With StepPay, you can pay over $100 in one instalment and then divide the balance into equal, more manageable installments. Your CommBank repayment account will be debited automatically.