Top Australian Bank Ceases Crypto Pilot Amid Market Downturn: Report - Aliens: AI Crypto News & Markets Updates
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Top Australian Bank Ceases Crypto Pilot Amid Market Downturn: Report

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Blockworks

Fri, May 20, 2022

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Despite an “overwhelmingly positive” reception of the app’s crypto feature, CBA has walked back its decision, citing volatility following Terra’s collapse The bank had previously partnered with Gemini and Chainalysis to integrate its services to the bank’s native app Australia’s largest bank by total assets has shuttered the rollout of a pilot that had briefly allowed select users to make in-app crypto purchases.

As part of the project, CBA partnered with Gemini to leverage its crypto exchange and custody service which was integrated into the app via APIs. Blockchain analytics firm Chainalysis also participated in the project, offering to assist the bank’s compliance teams monitoring for crypto crime.

Despite the pilot’s “ overwhelmingly positive ” reception and popularity, current market woes – including the disruption caused by Terra last week – have formed a major part of the bank’s decision to halt its crypto services.

“Our intention still, at this stage is to restart the pilot, but there is still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.” Comyn said at the time of the pilot’s launch that he believed his institution would play an “important role” in a bid to meet growing demand from roughly 900,000 customers keen to invest in the nascent asset class.

Two weeks earlier, chair of the Australian Prudential Regulation Authority Wayne Byres also cautioned banks to proceed with care – despite crypto not being the only industry to be suffering headwinds caused by economies worldwide grinding to a halt.

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