The largest bank in Australia is said to have started with Bitcoin (BTC). The Commonwealth Bank wants to integrate cryptocurrency into its online environment.
According to the Australian Financial Review, the bank will offer a number of services. Starting with buying and holding bitcoin and other “digital assets”. From next year, Commonwealth Bank customers should be able to buy and store bitcoins at the bank.
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Customers simply need a button on their app to buy bitcoin. It doesn’t appear that bitcoin can also be withdrawn directly, the service appears to be aimed at people who want exposure to bitcoin but don’t want to store it themselves.
The Commonwealth Bank has been around since 1911, so it’s a relatively old institution. It is not without reason that they cooperate with other parties to launch this service on the ground.
The bank inquired of Gemini about its services as a custodian. Chainalysis was contacted to analyze the money flows to keep unwanted clients away.
Commercial banks around the world are increasingly aware of the value of bitcoin. And this value for them is not in the Bitcoin ideology or protocol, it is simply a way for banks to make more money.
Billions of dollars are being traded on various stock exchanges around the world every day. Banks also want to take advantage of this. They see cryptocurrency exchange turn out to be huge transformations. As a bank, you usually want to take advantage of this.
Not every commercial bank will do something with bitcoin. However, there is a clear trend: more and more banks are trying to occupy a place in this new financial world.
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