Other digital wallets are adding crypto to the mix. Revolut Australia chief executive Matt Baxby told The Australian Financial Review last month that customers could trade 21 cryptocurrencies, including bitcoin and ether, and this was used as a customer engagement tool. New digital wallets such as Revolut, which wants to become a bank in Australia, already provide crypto services.
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CBA wants to operate more like a technology platform than a traditional bank. It would become part of CBA’s digital “ecosystem”, where its app not only allows customers to pay bills and check account balances but also manage property and buy energy and telecommunications services. CBA’s digital ‘ecosystem’Īny CBA move into crypto would be a further validation that it has entered the mainstream, after a host of institutional investors jumped on board this year. The ability to pay for goods and services in the real economy with crypto holdings is being considered as an additional feature that could be added by CBA down the track, one source said.
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CBA will then be able to show customers the full range of digital services and cross-sell banking products. But sources close to the project said the plan was designed to allow the more than 6.5 million users of the CBA app to buy bitcoin and other crypto investments from next year, and to view holdings inside the main banking app rather than the CommSec app.ĬBA believes offering crypto will lift engagement with its app – a key performance metric – because the volatility of bitcoin and other cryptocurrencies will entice customers back to the app more to check on the value of their holdings. It may also confirm partnerships with Gemini, a crypto exchange that would facilitate the trading, and Chainalysis, which provides compliance and intelligence services for transactions over blockchains, distributed ledgers that let bitcoin and other coins such as ether to operate without central bank oversight.ĬBA declined to provide any information about its plans ahead of the formal announcement.
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It marks a coming of age for digital currencies, which have been seen by some investors as hedges against decades of central bank profligacy, just as some central banks – including the Reserve Bank of Australia – have begun the long journey back to conventional interest rate policies.Ĭryptocurrency prices have surged, fallen and surged again this year as investors sought out alternative investment assets and speculated on their gains.ĬBA is preparing to announce its plans on Wednesday morning. It is believed the plan is designed to allow users of the CBA app to buy bitcoin and other crypto investments from next year. The move will make CBA the first Australian bank – and one of just a handful of banks worldwide – to offer customers access to cryptocurrencies, which are created digitally with no physical form and are challenging traditional banking systems and fiat money. Commonwealth Bank will allow its customers to hold and use bitcoin and other cryptocurrencies via its 6.5 million-user banking app in a bid to appeal to young customers and keep pace with rivals such as Square and PayPal, which already allow users to trade and spend bitcoin.