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Westpac is advancing its engagement in crypto
Westpac is embracing the concept of digital assets and distributed ledgers, intending to drive adoption of these innovative technologies and cultivate business strategies and partnerships.
The bank recently posted an open call seeking a principal architect for digital assets and cryptocurrency to propel Westpac’s emerging digital assets business and achieve market leadership.
Westpac will pursue new technology partnerships, potential investments, and mergers & acquisitions (M&A) opportunities within the digital products sector, according to the recruitment post.
The institution's aim is to decode and transform emerging trends in the cryptocurrency and digital assets arena into inventive, future opportunities for Westpac and its customers.
“Big Four” banks explore cryptocurrency space
While the Commonwealth Bank (CBA) led the charge towards creating a retail cryptocurrency trading platform, this project was paused in May after facing regulatory challenges and intense market volatility.
CBA partnered with global crypto exchange Gemini and leading blockchain analysis firm Chainalysis in November last year to design an in-app crypto exchange and custody service. The feature would offer customers the ability to buy and sell up to ten different cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
The bank initially pursued this opportunity after in-house research discovered a large swathe of customers wanted access to crypto assets as a potential investment, with many declaring holdings through an array of digital exchanges.
In May, Australia and New Zealand Banking Group (ANZ) group executive for Australian retail Maile Carnegie told attendees of the Australian Financial Review Banking Summit that although the bank had considered crypto products as early as 2017, there was no present intention to enter the digital assets marketplace.
“Are we really going to make it easier [to] ... and implicitly endorse speculating on crypto when [customers] don’t understand basic financial wellbeing? The answer is no,” Carnegie said.
National Australia Bank (NAB) chief digital officer Angela Mentis revealed that there were no foreseeable plans to develop a retail crypto trading platform but mentioned that the bank was exploring uses for blockchain technology with regards to institutional clients.
CBA chief executive Matt Comyn told the same audience that the bank is still “intent” on launching its crypto trading service but couldn’t specify when this may occur.
In March, ANZ became the first Australian bank to mint its own stablecoin - a cryptocurrency whose market value is pegged to an external reference. The bank’s coin, A$DC, is tied to the value of the Australian dollar (AUD) and can be used by institutional clients to invest in cryptocurrencies.
Last month Victor Smorgon Group successfully purchased tokenised Australian carbon credits (BCAU) from Australian crypto asset investment platform Zerocap using A$DC, at a rate of 1kg of carbon captured per token.
NAB plans to launch its own stablecoin by the end of this year, with an initial use case to settle trades on its own carbon credit platform Carbonplace, a digital marketplace where organisations can exchange carbon offsets.
Intense volatility, reluctant real-world adoption and accessibility issues have emboldened consumer advocates to petition Australia’s government to regulate cryptocurrency markets.
Compare cryptocurrency exchanges
Swyftx
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD, NZD
Trading Fee: 0.6%-0% based on a rolling 30 day's trading volume
Withdrawal Fee: $0 for AUD/ Deposit's withdrawals. Network transaction fees apply while transferring coins to an external wallet
Deposit Fees: No POLi fees. No fees on cryptocurrency and PayID deposits. Credit/Debit card deposits supported (5% fee)
An Australian owned and operated digital currency exchange that allows users to sell, trade and buy Bitcoin, and over 245+ other digital assets, with low trading fees and one of the smallest spreads available.
CoinJar
Cryptocurrencies available: 57
Fiat Currencies Accepted: AUD, GBP
Trading Fee: 0%-1%
Withdrawal Fee: No fee for AUD or GBP withdrawals. Cryptocurrency withdrawal fees are based on blockchain network fees
Deposit Fees: No fees with PayID; 2% fee with credit / debit card, Apple Pay, and Google Pay
Australia's longest-running cryptocurrency exchange with over 500,000 Australian customers and a simple to use app for both iOS and Android.
Digital Surge
Cryptocurrencies available: 245
Fiat Currencies Accepted: AUD
Trading Fee: 0.1%-0.5% based on a rolling 30 day trading volume.
Withdrawal Fee: None for Australian bank accounts - Instant withdrawals through Osko/PayID.
Deposit Fees: No fees for Osko/PayID, Direct Deposit, Bank Transfers or cryptocurrency. POLi fees range from $2-$3.30.
Because simplicity makes life better. The easiest way for Australians to buy, sell & store over 245+ cryptocurrencies. Low fees, tight spreads, Aussie-based customer support & an interface that makes crypto enjoyable & easy-to-understand. Simple. Safe. Stress-free.
CoinSpot
Cryptocurrencies available: 263
Fiat Currencies Accepted: AUD
Trading Fee: 0.1% to 1% based on order type
Withdrawal Fee: None for Australian Bank Accounts
Deposit Fees: No fees for POLi, PayID, Direct Deposit and Bank Transfers. 0.9% BPAY fee, 2.5% cash fee
Australia’s most trusted exchange since 2013.
Cointree
Cryptocurrencies available: 280+
Fiat Currencies Accepted: AUD
Trading Fee: 0.05%-0.9%
Withdrawal Fee: No fee with fiat withdrawals. Cryptocurrency withdrawal fees vary.
Deposit Fees: No fee
Buy, sell, trade and pay with crypto. Simple, low fees, easy to use and trusted by 100,000+ members. Enjoy $10 BTC credit after verification with promo code: RATE10
This information does not reflect any ranking, rating, recommendation or endorsement by RateCity of cryptocurrency or any specific provider. RateCity is providing factual information supplied by providers. Not all providers or products are shown. RateCity will earn a fee from the providers displayed in the table (if a link to the provider's website is shown), and the fee levels determine placement in the table. Cryptocurrencies are speculative, complex and can involve significant risks. RateCity is not providing a recommendation for your individual circumstances.
Product database updated 30 Apr, 2024
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