As the popularity of crypto trading increases in Australia, the Commonwealth bank there also plans to enable it on their platform. At present, there are 6.5 million Australian users on their app. This means the support will be important to a wide number of people. It will also become the first bank in the country to support crypto. This is expected to drive adoption with National Australian Bank, Australian and New Zealand Banking Group, and Westpac to follow Commonwealth bank’s footsteps.
More about the adoption
Commonwealth has partnered up with the Gemini crypto exchange for the launching of its crypto services. They plan to roll out the features slowly by doing a pilot first with a limited number of people. The report suggests that the platform will support 10 cryptocurrencies out of which BTC, ETH, BCH, and LTC are known at the moment. The adoption of crypto by banks will also become one of the largest in terms of crypto adoption.
The best part about all this is that the regulatory landscape is getting better for crypto. Laws are becoming more transparent and it is inevitable that banks will sooner or later follow suit. The CEO of the local crypto exchange BTC Markets said that proper regulation and adoption from banks will open crypto to the traditional finance system. He also talked about the crypto adoption by Commonwealth saying that it’s exciting and inevitable. Australia is definitely going to benefit from this in terms of crypto ranking adoption globally.
Finally, we have the global business head of Gemini saying that they are proud to work with the Commonwealth bank. He also added that their international grade security with a regulatory focused approach is going to set high standards for the bank. But some of the local exchanges were not happy with the decision as the bank chose to collaborate with a foreign company rather than their own. And now they are planning to reach out to other banks themselves in order to collaborate.
What are your thoughts on the fact that Commonwealth bank will enable crypto trading in Australia? And do you think this will improve Australia’s position in the global ranking for adoption? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.