CBA has partnered with Gemini and Chainalysis to develop cryptographic services

The Commonwealth Bank of Australia (CBA) is the first Australian company to partner with crypto exchange and custodian company Gemini and blockchain analysis company Chainalysis to offer customers the ability to buy, sell and hold crypto assets. I became a bank.

Under the partnership, CBA was able to design cryptocurrency exchange and storage services offered through new features in the Commbank app. CBA plans to provide its clients with access to up to 10 crypto assets, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Banks will also look to Chainalysis to help compliance teams monitor and mitigate potential crime threats through crypto asset exchange.

“We believe that crypto can play a key role in addressing the apparently growing customer needs and providing crypto trading platforms with functionality, security and trust,” said CBA. CEO Matt Comyn said.

“As we consider how to support our customers, we make a strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track record of serving large institutions. CBA leverages Gemini’s cryptocurrency to provide custody services and integrate into the CommBank app via API. “

Black and yellow banks will begin piloting “in the coming weeks” before phasing out more features to their customers next year.

This move is for banks Focus on blockchain technology , Technology that supports cryptocurrencies.

Towards the end of last year, CBA has partnered with the Reserve Bank of Australia, along with National Australia Bank, investment adviser Perpetual, and blockchain company ConsenSys Software. Central Bank Digital Currency Wholesale Form (CBDC) Uses the blockchain.

As part of the collaboration, the project included the development of a proof-of-concept for issuing a tokenized form of CBDC.

Banks before Completed delivery of The world’s first bond via blockchain , On behalf of its client, the World Bank.

According to the CBA, the Blockchain Offered New Debt Instrument (bond-i), a “$ AUD kangaroo bond” that uses the private Ethereum blockchain, is created, assigned, transferred, and throughout its lifecycle using only distributed ledger technology. And managed.

The two-year bond raised A $ 110 million.

In September, the Australian Tax Office (ATO) reported more than 600,000 taxpayers Invest in digital assets in recent years.He said his own data analysis shows a dramatic increase in transactions since the beginning of 2020.“The innovative and complex nature of cryptocurrencies can lead to a true lack of awareness of tax obligations associated with these activities,” ATO said. “Also, the pseudonym nature of cryptocurrencies may make it attractive to those who are trying to circumvent their tax obligations.”Australia Trading Reporting and Analysis Center (Austrac) in late 2017 Obtained approval Extend anti-money laundering and counter-terrorism financing regulations to cryptocurrency exchanges.As a result, digital currency exchange service providers need to apply the same obligations as businesses in other financial sectors to identify, manage, and mitigate the risk of money laundering, terrorist financing, and other serious crimes. is needed. You should also report any suspicious issues to Austrac. CBA has partnered with Gemini and Chainalysis to develop cryptographic services

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