Commonwealth Bank of Australia Plans To Expand Crypto Services

The Commonwealth Bank of Australia, the country's largest bank by operational volume, recently disclosed its intentions to expand on its current suite of crypto services, which it began offering sometime in November 2021.

According to Sophie Gilder, Head of Blockchain and Digital Assets at Commonwealth Bank of Australia (CBA), the bank is planning to provide its clients with the "full spectrum of consumer needs," in terms of crypto services.

Gilder's disclosure of the bank's plans did not specify which particular digital assets will be made available for purchase, trading, and custody through the bank's services. The bank has led Australia in terms of crypto adoption, and Gilder is positive that crypto will take hold for a far wider audience in the future, as the asset class evolves.

“We launched CommBank crypto in December and so far, the response has been extremely positive. The biggest complaint we’ve had is customers who haven’t been let into the pilot yet." Gilder stated, speaking at Australia's Blockchain Week conference.

Digital assets have been thought to play a critical role as a "hedge instrument or a store of value that’s uncorrelated and diversified," according to Anthony Jones, Head of Innovation and Fintech at Visa Australia. Jones goes on to claim that the mainstream adoption of crypto has already begun.

The Australian bank's intentions to provide additional crypto services and expand the nature of its offerings is aimed at providing a "measured and steady manner" for fulfilling a range of consumer needs in the crypto sector. Gilder believes that this is "partly because you need regulation and partly because it needs an extremely solid business case."

The crypto sector is heating up, with a growing number of financial institutions seeking to provide crypto products and services to their clients. It will be interesting to see how Commonwealth Bank of Australia's expansion into this space impacts the industry as a whole.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.