Commonwealth Bank of Australia (CBA) has acquired a minority stake in cryptocurrency platform Gemini to offer crypto-related services.
The announcement comes shortly after CBA announced that it will enable customers to buy sell and hold digital assets through the CommBank app.
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CBA has developed a crypto exchange and custody service with Gemini and blockchain analysis firm, Chainalysis.
CBA CEO Matt Comyn said: “In looking at ways that we can support our customers, we have made the strategic decision to partner with Gemini, a global leader with strong security and a track record of serving large institutions. Our investment in Gemini is part of an exclusive partnership in Australia and New Zealand.”
CBA’s investment is part of Gemini $400m funding round, which valued the firm at $7.1bn.
The round was led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners and CBA.
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By GlobalDataIn addition to buying, selling, and storing digital assets, Gemini allows investors to earn, spend, and learn about crypto.
Users can also create and collect non-fungible tokens (or NFTs) using Gemini’s wholly-owned platform Nifty Gateway.
Earlier, CBA had announced that it will allow customers to transact in up to ten crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Recently, CBA bought a minority stake in artificial intelligence (AI) firm H2O.ai as part of an exclusive partnership.
CBA will deploy the H2O AI Cloud platform across its entire operations and act as an exclusive financial services partner to H2O.ai in Australia and New Zealand.
