Credit: 3D Animation Production Company from Pixabay.

Commonwealth Bank of Australia (CBA) is set to offer crypto trading services to retail customers through the banking app.

The move will make CBA the first Australian bank to enable customers buy, sell and hold crypto assets through the CommBank app.

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The lender has developed a crypto exchange and custody service with Gemini, a crypto exchanges and custodian, and blockchain analysis firm, Chainalysis.

This newly developed service will be offered to customers through a new feature in the CommBank app.

The pilot service is expected to start in the coming weeks.

CBA will offer customers to transact in up to ten crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Additional features are expected to be rolled out next year.

CBA CEO Matt Comyn said: “The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

“We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform.

“In looking at ways that we can support our customers, we have made the 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 will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.”

CBA is one among the ‘Big Four’ Australian banks.

Recently, the lender acquired a 20% stake in gift card startup Karta.