Commonwealth Bank Experiences Increased Crypto Activity on its App

Commonwealth Bank of Australia has expressed joy over the increased activity on its Commbank app. The largest bank in Australia has continually experienced an uptake in activity on the app since the financial entity first offered crypto services in 2021.

CBA permitted users to purchase and sell virtual currencies via the app. Looking at the usage stat, the bank couldn’t be happier with the progress level. The MD of CBA’s Blockchain and Digital Assets, Sophie Gilder, stated the bank has received positive feedback over the app’s functionality and is overwhelmed by the significant adoption rate.

Crypto Has Gone Mainstream

Speaking about the bank’s role in the virtual currency economy in the Blockchain Week Event in Sydney, Gilder said the responses have been good so far. It shows that virtual currency has already become mainstream.

The overwhelming reception follows years of meticulous planning and hard work. In 2019, the Australian bank issued blockchain bonds in the secondary trading market. This marked a massive step for the bank and the country as they worked towards adopting the technology.

The MD said the bank’s decisions on cryptocurrency had been largely influenced by users in the surreptitiously evolving world. Speaking of the stat, she said over 900k users have transacted in digital currency since 2020, and one in every three Ausiees has a good rapport with the bank.

“The customers are already familiar with crypto. Based on this stat, you can agree that virtual currencies are already mainstream.”

All Positive Feedback, But One Complaint

Although the feedback has been generally good to the ears, one of the biggest complaints so far from some customers is not being able to participate in the pilot. Last year, the bank announced it would launch a crypto pilot program targeted at selected customers. 

The pilot allows customers to purchase and sell virtual assets directly from the Commbank app. After it launched late last year, CBA became the first traditional bank in the country to offer crypto services directly to users. 

Crypto firm Gemini and Chainalysis were contacted to help with the design and offer custodial services. Chainalysis will pinpoint what’s occurring on the blockchain with its tools. Currently, customers can trade ten digital assets, including the major ones like BTC and ETH. 

Australians have a good rapport with cryptocurrency, and that’s evident in the growing number of users. On the opening day of Blockchain Week, FTX head Sam Bankman-Fried disclosed it had expanded crypto services to Australia to enable them to purchase, sell, and trade digital currencies. 

The country also plans to become the crypto hub in the region, with Senator Hume and Bragg agreeing that Australia has what it takes to drive the adoption of blockchain and innovation. 

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