Commonwealth Bank of Australia wants to offer more cryptocurrency services

The Commonwealth Bank of Australia (CBA) plans to expand its cryptocurrency services. The head of Blockchain and Digital Assets at the bank, Sophie Gilder, noted that CBA wants to double its blockchain team in the coming months.

CBA is the largest financial institution in Australia. Towards the end of 2021, it started allowing its customers to buy, sell and hold cryptocurrencies. It is the first bank in Australia to offer cryptocurrency services

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Commonwealth Bank of Australia to expand crypto division

Gilder made a speech at the Australia Blockchain Week Conference, where she said that the bank would expand its cryptocurrency services to meet the “full spectrum of consumer needs.” She also predicted that cryptocurrencies as an asset class would continue to evolve.

She said,

We launched CommBank crypto in December, and so far, the response has been extremely positive. The biggest complaint we’ve had is customers who haven’t been let into the pilot yet.

Gilder’s remarks were also supported by Anthony Jones, the head of Innovation Fintech at Visa Australia, who noted that the crypto sector was now mainstream. He also noted that crypto assets could now be used as a store of value or to hedge against inflation.

Traditional financial institutions offering crypto services

Traditional financial institutions have been moving towards the cryptocurrency sector to meet the increased demand. In the US, some of the leading institutions on Wall Street, such as JPMorgan and Goldman Sachs, have already launched cryptocurrency divisions.

Besides cryptocurrency trading, traditional banks are also venturing into the metaverse. Last month, JPMorgan announced that it would launch the Onyx Lounge on Decentraland, one of the largest metaverse projects. Earlier this year, the CEO of the Onyx Division at JPMorgan stated that people were now more aware of the benefits of Bitcoin, noting that the sector would continue witnessing rapid growth in the coming years.

Recently, HSBC, another leading financial institution, also announced its partnership with The Sandbox (SAND/USD) to offer virtual crypto educational services. Despite this endorsement and the rising adoption, the regulatory framework for digital assets lacks clarity in most jurisdictions.