Commonwealth Bank Says It Intends to Heavily Invest in More Crypto-Related Services

A digital assets specialist at the Commonwealth Bank of Australia has confirmed the bank’s intentions to invest more into crypto facilities following the CBA’s highly successful launch of its in-app crypto trading service in November last year.

Representatives from Visa, JPMorgan, Macquarie Bank and the CBA addressed this week’s Blockchain Australia Blockchain Week conference with reports of heightened consumer desire for cryptocurrency-related services. CBA’s Sophie Gilder in particular had some interesting updates to share on behalf of her bank:

According to Gilder, head of blockchain and digital assets at CommBank, her department is looking to offer additional products for both institutional and retail crypto investors. CBA’s goal is to offer enough crypto-related services to cater to the full spectrum of client needs and it is looking at ways to “double its blockchain size” in the coming months.

Aussie Banks Adapting to Crypto

In November, CBA became Australia’s first bank to support crypto purchases with its CommBank mobile app. Partnering with blockchain analytics firm Chainalysis and crypto exchange Gemini, CBA sought to provide customers with exchange and custody services, allowing users to buy, sell and hold digital assets.

Following the precedent set by CBA, ANZ acknowledged that “there is a weight of money you simply can’t ignore” in stating its belief that crypto was “here to stay” in Australia.