Recently, Commonwealth Bank of Australia issued a special statement, saying that the special team of the bank has partnered with cryptocurrency exchange Gemini to launch a new mobile app for crypto trading for its 6.5 million customers.
The deal about the upcoming app was sponsored by two of the first crypto billionaires, Cameron and Tyler Winklevoss. CBA also announced that it has worked with a leading blockchain and crypto research firm, Chainalysis to provide compliance services.
The statement of the company also claims that there already is a substantial part of the CBA customers who are interested in the crypto trading activities, with a large part of them already doing some crypto activity with other crypto exchanges in the industry.
The Commonwealth Bank also announced that it plans to launch a pilot test in which the users of the application will be granted the opportunity to trade ten different crypto assets. Among them are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The bank also noted that the pilot will be launched in the following weeks and more features of the application will be gradually rolled out throughout the following year. The head of the Business Development of Gemini noted that he believes that this is a very important step not only for the local, Australian crypto trading market, but the whole industry around the world as well as it will set a precedent for other banks to follow as well.
Finally Catching Up
The head of business development noted that Gemini is very happy to be providing CBA with exchange and custody services, as the bank opens up the crypto industry for many Australians. The CEO of BTC Markets, one of the largest crypto exchanges in Australia, Caroline Bowler, said that this is a very important step towards the further development of the crypto trading industry in the country.
She also said that while Australia might have lagged behind in terms of crypto acceptance, especially compared to other countries, this was a very expected and exciting step, which would help Australia take a lead in the crypto industry.
She also noted that Australia has long been described as playing catch-up to the fast development of the crypto industry around the world.
She said that now, the country is moving into the worldwide leadership position with the largest bank of the country, which, at the same time, is a prominent mainstream financial institution, now provides millions of customers around the world with access to the cryptocurrency market.
The step taken by the bank is viewed by many as a very important development for the whole crypto industry. Market experts believe that this might cause some type of chain reaction in the crypto industry, with many other well-established banks following the steps of the Commonwealth Bank of Australia.
Gemini - Supporting Innovation Globally
Gemini is one of the leading crypto exchanges in the market, which operates in the US and offers clients around the world the opportunity to legally store, trade, and exchange digital assets.
The crypto exchange does so by offering traders access to numerous crypto assets, high security, and a user-friendly trading system.
The clients can legally buy, sell, and store the crypto assets on the trading platform offered by Gemini. The company has enjoyed a reputation as being one of the most secure crypto exchanges in the market.
The team behind the company works very hard to ensure the highest safety standards of its clients, including doing comprehensive and frequent examinations, cybersecurity audits, and so on. The company adheres to the market safety standards very strictly, ensuring the highest security standards for its clients.
The native coin of the crypto exchange is the Gemini Dollar, which is a stable coin available for the clients of the crypto exchange. Its value is pegged to the US dollar and was launched in 2018. The company has partnered with leading companies around the world, including Samsung.
Thanks to this partnership, the users of the Samsung blockchain are able to connect the Gemini mobile app to carry out transactions in a more efficient manner. The company has grown a lot over the past few years.
Today, Gemini has over 300 employees and its offices are represented around the world. The company enjoys as much as $30 billion in transactions annually. Today, Gemini operates in over 50 countries around the world.
The company has reported very successful trading volume reports. The company has recorded over $400 million in 24-hour trade volume, with a market share of 0.26%.
Gemini has partnered with numerous leading companies around the world and over the past years, it has worked very hard to support the further development of the crypto trading industry.
The recent step taken by Gemini in partnership with the Commonwealth Bank of Australia is just another great example of how much Gemini is focused on supporting the further development of the crypto industry.
As we have already mentioned above, many industry experts have noted that this is a great precedent in the crypto trading world as it is expected to cause other internationally well-known banks to follow the steps of CommBank.