Commonwealth Bank of Australia (CBA) recently divulged that it will enable its clients to purchase, sell, and hold virtual assets.These assets include BTC, ETH, as well as other top cryptocurrencies by market capitalization. Thus, the financial institution will become the first in the nation to offer such opportunities.
According to the official announcement, the initiative will become live due to an association between the Australian bank, the virtual asset exchange Gemini, and the blockchain analysis firm Chainalysis.
The CEO of the bank, Matt Comyn mentioned,
“The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.”
Nonetheless, Aussies have demonstrated apprehensions against a couple of virtual currency services in the market like the “friction of using third party exchanges, the risk of fraud, and the lack of trust in some new providers,” Comyn added. Being a key bank in Australia, CBA is of the opinion that it is required to step in and provide a trusted and secure experience for its digital asset-hungry customers.
Last month, the Australian Senate Committee suggested that the nation should implement favorable virtual asset regulations like tax discounts for crypto trading to stimulate the development of the crypto industry.
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