CBA buys a small stake in crypto exchange

  • By Zilla Efrat

Commonwealth Bank has made a small minority investment in Gemini, one of the world’s largest regulated crypto exchanges and custodians.

The move follows CBA’s recent announcement that it will soon enable customers to trade in crypto assets directly through the CommBank app, leveraging Gemini’s custody and exchange platform.

“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,” says CBA CEO Matt Comyn.

“Our investment in Gemini is part of an exclusive partnership in Australia and New Zealand.”

On Thursday, Gemini announced a US$400 million growth equity round, its first-ever outside financing, led by Morgan Creek Digital with participation from 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and CBA, among others. This round values Gemini at US$7.1 billion.