Major Australian Bank CBA Allows Customers To Trade Crypto

Innovation comes from places where you least expect it. This time round it came from a land down under, where beer does flow and men chunder, as per 1980s band Men at Work and the lyrics from their greatest hit, Down Under. Yes, you wouldn’t expect it when you look at Prime Minister Scott Morrisson, a known staunch conservative, but this man has overseen some major crypto development in Australia.

I remember last year writing about VeChain helping with supply chain issues in Australia, and hoping to grab a piece of the trade with China. Given that the two countries are now engulfed in a major brawl as Morrisson insists on an international investigation into the origins of Covid-19, there’s not much chance of that happening

Banks allows crypto trade

However, Australia is moving forward with crypto innovation. So much so that this weekend it was announced that the Commonwealth Bank (known locally as the CBA) would become Australia’s first bank to offer customers the ability to buy, sell and hold cryptocurrency assets such as Bitcoin, Ethereum and other popular coins (apparently they won’t allow Dogecoin yet).

CBA’s chief executive, Matt Comyn, explained the move, stating:

We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform.

The news made it into global newspaper the Guardian and got a review on news station 9 News Australia, which you can see hereunder.

Let’s see if the other banks in Australia (the CBA is one of the four largest banks in the country) are willing to follow suit, or if they prefer to travel in a fried-out Kombi, on a hippie trail, head full of zombie.

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