That became possible thanks to its partnership with Gemini, a crypto exchange and custodian, as well as blockchain analysis company, Chainalysis. In fact, in November 2021, Commonwealth announced that it would become Australia’s first bank to offer customers the ability to buy, sell and hold crypto assets, directly through the CommBank app. Despite offering an extensive range of services, cryptocurrencies did not fit in Commonwealth Bank’s strategy until recently. Commonwealth BankĬommonwealth Bank of Australia is the largest bank in the country, with branches in New Zealand, the USA, and Asian countries. There is a chance that companies like Chrono will have to partner with Judo Bank to create their crypto and blockchain projects. Nevertheless, in order to facilitate the process, the CEO said that certain regulatory issues needed to be resolved. The CEO noted that the bank reviews every business case individually. The bank’s CEO stated that the bank would not refuse providing its services to any fintech business working with cryptocurrencies. ![]() Judo value the speed and efficiency of their operations and are always ready to listen to their client without making them wait for several months on end.Īlthough Judo is not on the list of banks that accept Bitcoin, it still can be considered a crypto-friendly institution. Judo Bank focuses on serving small and medium businesses in need of funding. Judo Bank is another example of the up-and-coming Australian scene of “neobanks,” banks that seek to disrupt the hegemony of Australian traditional banking institutions. Perhaps, once the Australian government passes laws that would make the country more accepting of digital assets, Westpac will become one of the first banks to offer cryptocurrency services. For now, though, Westpac remains silent about its approach to cryptocurrency. Letting clients link their accounts to Coinbase would be a reasonable first step in Westpac’s crypto strategy. The fact that Westpac has its stake in Coinbase indicates that the bank possesses all essential resources for deploying its own cryptocurrency infrastructure. Coinbase is a platform which lands in the top three crypto exchanges worldwide. On the other hand, Westpac’s venture capital fund called Reinventure became one of the key investors in Coinbase during its early funding rounds. On the one hand, there were reports of the bank refusing to process transactions of clients trading cryptocurrency. The bank’s relationship with cryptocurrency is quite difficult. Westpac is one of the “big four” banks of Australia, and it has millions of clients around the country. Australian merchants can use NOWPayments’ services as a way to accept crypto while avoiding banks.Some banks, including ANZ and Bendigo, are less welcoming of crypto traders.There are more and more crypto-friendly banks in Australia.If you live in Australia and consider buying or selling Bitcoin using the local banks, this article can give you great insight. Some Australian banks welcome crypto investors, while others ban their accounts. Australia is a country that is currently experiencing a complex situation in terms of its banking institutions’ perspectives on crypto. ![]() Additionally, National banks of certain countries view cryptocurrencies as a means for money-laundering and impose regulations which prevent retail banks from servicing crypto traders in a proper way. Many banks still list information about the risks of getting into crypto on their websites. Traditional banking institutions were among the first critics of blockchain and the concept of cryptocurrencies.
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