Australia’s largest bank consolidates bitcoin services

Crypto Commonwealth Bank

As early as 2022, Commonwealth Bank will soon allow its 6.5 million customersBuy, sell and keep bitcoins According to the Australian Financial Review (AFR), directly in its banking application.

Australia’s largest bank offers bitcoin (BTC)app to its customers

The bank will become the first in Australia to give customers direct access to bitcoin and join a handful of financial institutions around the world in meeting growing demand for rare property. According to the report, CBA (Commonwealth Bank Australia) has yet to make a formal announcement and is preparing to share its developments in coordinating BTC on its application on Wednesday, November 3. AFR reports :

It could also solidify partnerships with Gemini, a crypto exchange that facilitates trading and Chainalysis that provides compliance and intelligence services for transactions on blockchains.

Commonwealth Bank’s customer base accounts for more than 25% of Australia’s total population

Sources close to the matter told AFR that CBA’s more than 6.5 million customers could Buy bitcoins See other cryptocurrencies from next year, as well as their holdings in CPA’s main banking app. Allowing consumers to pay for everyday consumer goods with BTC is considered an additional feature that can be added by CBA (Bitcoin quotes) Later.

CBA is Australia’s largest bank and the country’s Leading Provider of financial services, including retail, premium, commercial and institutional banking. If CBA goes ahead with a plan to allow it to buy bitcoins through its main banking app, a quarter of the Australian population would have frictionless access to the best form of money in the world. By reducing barriers, CPA could allow millions of people to start receiving their first bitcoin early next year.

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Can customers withdraw their bitcoin to an external wallet?

However, it is unclear whether Commonwealth Bank will allow customers to withdraw their BTC into an external wallet whose personal keys they hold. The bank could shed light on its withdrawal plans in its official announcement.

But if ignored, this feature alone can Bitcoin could harm adoption In the long run, because in a banking application BTC will work a lot like credit recognition and effectively undermine much of the sovereignty that bitcoin has allowed.

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About the Author: Cory Weinberg

"Alcohol evangelist. Devoted twitter guru. Lifelong coffee expert. Music nerd."

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