CBA to add crypto to its banking app

Commonwealth Bank will allow its customers to hold and use bitcoin and other cryptocurrencies via its 6.5 million-user banking app in a bid to appeal to young customers and keep pace with rivals such as Square and PayPal, which already allow users to trade and spend bitcoin.

The move will make CBA the first Australian bank – and one of just a handful of banks worldwide – to offer customers access to cryptocurrencies, which are created digitally with no physical form and are challenging traditional banking systems and fiat money.