Search ASX code:
Generic filters

Search ASX code:
Generic filters

Search ASX code:
Generic filters

Search ASX code:
Generic filters

CBA (ASX:CBA) share price rises, plans for crypto in app

The Commonwealth Bank of Australia (ASX: CBA) share price is up as the bank plans to offer crypto in its CommBank app.

CBA’s plans for crypto

The big four ASX bank has announced that it’s planning to become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets in the CommBank app.

CBA isn’t doing this by itself. It is linking up with one of the world’s largest regulated crypto exchanges and custodians, Gemini, and leading blockchain analysis firm, Chainalysis.

The bank said that these partnerships have allowed it to design a crypto exchange and custody service that will be offered through a new feature in the app.

CBA has decided to do this because “a large number of its customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.”

When is this happening?

The pilot will start in the “coming weeks” CBA plans to progressively release more features to more customers in 2022. CBA will provide customers with access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

CBA management thoughts on crypto

CBA CEO Matt Comyn said: “The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

“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.”

“We remain committed to reimagining banking and will continue to bring more functionality into the CommBank app including investing and shopping.”

Thoughts on this move by CBA

This is a fascinating move by Australia’s biggest bank. CBA does have a reputation for doing technological things first, before its competitors, but this is a bold move.

In some ways, cryptocurrency is a disruptor to banks, so it’s interesting to see CBA getting so involved in crypto by embedding it in its app.

I’m not sure how much of an impact this will have for CBA, but I certainly think it makes it more relevant to customers. It will be interesting to see what happens next and what the other banks of National Australia Bank Ltd (ASX: NAB), Australia and New Zealand Banking Group Ltd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) do.

Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

Not only are we offering these 11 investment ideas completely FREE, we've also released an in-depth podcast to go with the report!

So, whether you have $2,000 or $50,000, our brand new analyst report could help transform your watchlist. Right now, you can get the full analyst report emailed to you for FREE by CLICKING HERE NOW or simply entering your email below.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Are you stuck wondering where to invest right now? Have you got cash 'sitting on the sidelines'? Are you looking for dividend income AND growth but don't know where to start? Rask's expert ASX analyst team has just released a full report, detailing where we'd invest $10,000 right now.

Not only are we offering these 11 investment ideas completely FREE, we've also released an in-depth podcast to go with the report!

So, whether you have $2,000 or $50,000, our brand new analyst report could help transform your watchlist. Right now, you can get the full analyst report emailed to you for FREE by CLICKING HERE NOW.

At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.

LIVE ASX Chat - Join in!

Play Video

Keep reading:

Rask Analyst’s $10,000 Hypothetical Portfolio 

Rask Australia’s expert analysts have just released 11 stock & ETF positions they’d buy right now as part of a $10,000 hypothetical portfolio. 

Completely free, this report comes with the exact ticker codes, how much the analysts would invest and a detailed over the company and why we like it. Plus a 60-min podcast! 

Simply enter your email address and we’ll send you the report.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.