CBA crypto move will ‘shake up the industry’

Commonwealth Bank’s surprise move to bring cryptocurrencies such as bitcoin into mainstream banking on its app will create competitive tension with local exchanges, and should reduce incidents of start-up debanking by major banks, industry players said.

They said the validation of bitcoin by Australia’s largest bank would drive more investment into blockchain, the disruptive technology that underpins the crypto sector, and could see bitcoin evolve from a store of value or form of digital gold into something to rival money as a means of exchange for payments and other money-like functions.

Source: https://www.afr.com/companies/financial-services/cba-crypto-move-will-shake-up-the-industry-20211103-p595kg