Crypto Catch: CBA halts rollout of crypto app amid market crash

Be the First to Comment Read

Crypto Catch: CBA halts rollout of crypto app amid market crash

 Crypto Catch: CBA halts rollout of crypto app amid market crash
Image source: © Nilsversemann | Megapixl.com

Highlights

  • The Commonwealth Bank has paused the launch of its cryptocurrency trading app amid the current market turmoil
  • The Australian Federal Treasury is currently consulting on crypto regulation, with submissions closing on 27 May
  • Bitcoin, the world’s largest cryptocurrency, has lost well over half its value since November with many of the top ranked crypto tokens following suit

The Commonwealth Bank has paused the launch of its cryptocurrency trading app amid the current market turmoil.

Commonwealth Bank announced the launch of the app in November allowing customers to buy and sell ten crypto assets including bitcoin, Ethereum and Litecoin.

Additionally, the bank had planned to roll out more features throughout this year. However, the rollout has been effectively halted with no word as to when it will resume.

Commonwealth Bank Chief Executive, Matt Comyn, told the Guardian yesterday further regulation would be required before the app would be able advance forward, citing the market’s extreme volatility in recent weeks.

Also Read: Why is Live Crypto Party’s LCP token trending?

The halting of the app’s rollout comes at a turbulent time for cryptocurrency, which has suffered massive losses since November last year.

Bitcoin, the world’s largest cryptocurrency, has lost well over half its value since November with many of the top ranked crypto tokens following suit.

To add to the market’s woes, former top ten token TerraUSD and its sister coin, Terra Luna, collapsed in dramatic style earlier this month, losing nearly all its value in a matter of days.

Meanwhile, the Australian federal Treasury is currently consulting on crypto regulation, with submissions closing on May 27.

Comyn yesterday told The Guardian that the government would focus on how best to regulate the crypto sector following this month’s federal election.

Winners and Losers

 winners and losers in cryptocurrency trading Image Source @ 2022 Kalkine Media®

Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

Disclaimer

Speak your Mind

Featured Articles