An Australian bank is claiming to be the first in the country to offer customers the ability to buy, sell and hold crypto assets, directly through its app.

Commonwealth Bank (CBA) says it has partnered with [Gemini](https://www.gemini.com/) and Chainalysis to design a crypto exchange and custody service that will be offered to customers through a new feature in the CommBank app.

A pilot will commence in the coming weeks before being rolled out to more customers next year. CBA will give customers access to up to ten selected crypto assets including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

## Customers Access Crypto as Investments

The bank says many customers want to access crypto assets as an investment class and are already buying, selling and holding crypto assets through a variety of crypto exchanges.

CBA CEO Matt Comyn said: ‘The emergence and growing demand for digital currencies from customers creates both challenges and opportunities for the financial services sector, which has seen a significant number of new players and business models innovating in this area.

‘We believe we can play an important role in crypto to address what’s clearly a growing customer need and provide capability, security and confidence in a crypto trading platform.

‘In looking at ways that we can support our customers, we have made the strategic decision to form an exclusive partnership in Australia with Gemini, a global leader with strong security and a track-record of serving large institutions. CBA will leverage Gemini’s crypto exchange and custody service and integrate it into the CommBank app through APIs.’

## Building Trust

Michael Gronager, CEO and Co-Founder, Chainalysis, added: ‘Financial institutions like CBA play an integral role in growing cryptocurrency adoption safely. We are thrilled to be a part of this important alliance with CBA and our partner Gemini to play a pioneering role in building trust in cryptocurrencies in the Australian market.’

For more Business news, see [here.](/news/category/crypto-business-news)



Crypto Assets Banking Arrives Down Under

Despite advancements in the cryptocurrency industry, crypto trading is largely governed by fear of missing out (FOMO).

Investors tune in to the latest news and hype and attempt to maximise profits in as short a period as possible. I believe in investing keeping a long-term vision.

Here are some popular tips on steps you can make part of your investment strategy, and maybe reduce your fear of missing out.

### 1.     Follow eminent personalities and important crypto accounts on Twitter

If you are not on Twitter in this day and age, you are missing out. Before reading further, open the Twitter app, search for Elon Musk, follow him and turn on notifications! Whenever he posts in favour of Dogecoin, Shiba Inu, Bitcoin or Ethereum, expect crypto prices to rise.

Follow influential crypto personalities, accounts that track whale behaviour, the official accounts of crypto projects you favour, trustworthy crypto news accounts and relevant hashtags and topics. In fact, you should create a Twitter List to keep track of these accounts.

### 2.     Look out for new listings on exchanges

As soon as a new crypto token hits an exchange, more often than not its price skyrockets immediately, albeit for a short duration. Jump on the bandwagon but be careful, you could incur a heavy loss if you do not invest wisely and quickly – you should know when to move in and out!

### 3.     Learn to read between the lines

News that is not related to the crypto industry could have an indirect impact on the demand for a crypto asset. For example, Facebook’s rebranding to Meta saw the prices of Metaverse-related tokens like Decentraland (MANA) and Ethverse (ETHV) jump considerably.

Want to know more about cryptocurrency and blockchain? [Visit Learn Moni](/learn).

Crypto Blockchain Industries: What to Know

Crypto exchange [KuCoin](https://www.kucoin.com/) has launched a 'virtual skyscraper' in the Bloktopia metaverse.

KuCoin will be housed in the tower’s 5th floor. The virtual building will have 21 levels and will hope to house other content creators, including Polygon and Avalanche.

The company is set to join an already well-known spread of blockchain companies based within the virtual skyscraper, including its parent company High Fidelity, Everdragons and Black Bull Capital.

## A Dynamic Environment

Black Bull Capital’s CEO, Trevor Koverko, described the building as a “dynamic environment” for blockchain companies.

He told [Cointelegraph](https://cointelegraph.com/): "I think it's going to be really unique and different, and it's going to be so cool."

"What we've done with this project is create something where you'll have people from all different walks of life and you'll have a very interesting cross-section of people that companies can go to, to service their needs."

People will be able to virtually communicate with eachother and interact within the space.

The space is host to various virtual and augmented reality activities.



KuCoin Crypto Launches Metaverse Space

You need to take care to avoid becoming the victim of crypto cons, and a new alert has been issued about visiting popular websites.

The [Washington Post](https://www.washingtonpost.com/) has warned that slightly misspelled versions of the URL, or website address, of popular cryptocurrency exchanges are being snapped up and could be used by scammers. The aim, it seems, is to take advantage of people who want to access a genuine site, but type too quickly and make a mistake.

## Misspelt URLs- Watch Out

It points to a Brazilian man who paid more than $200,000 for a handful of domains which looked like misspelt URLs of well-known crypto sites.

The article, by [Jeremy B. Merrill](https://www.washingtonpost.com/people/jeremy-b-merrill/), adds: ‘The high price paid for the web addresses, sometimes called domains, indicates someone thinks they’ll make a substantial profit. Domains ending in dot-com cost around $10 per year and scammers often rely on ones that are even cheaper.’

It quotes Stony Brook University computer science professor Nick Nikiforakis as saying: ‘There’s a very real monetisation opportunity. If someone steals your credentials, they can immediately start transferring your money out of your account.’

Merrill’s article continues: ‘And, if they do, users have no recourse, Nikiforakis said, especially because they’ve lost cryptocurrency, rather than regular money. Cryptocurrency, a form of digital money that has lately soared in price, relies on cryptography to make sure that only the owner of a “wallet” can spend the money it contains. But, once that wallet is stolen, that security works to protect the thief, meaning it’s nearly impossible to get it back — even with a court order.’

##  The Real McCoy

The Washington Post admits that it is unclear whether cryptocurrency owners have lost money to the typo websites. However, some of the websites hosted on URLs which appear to be typos of genuine crypto companies do mirror the look of the real McCoy.

The article observes that companies often buy up mistyped versions of their real web addresses to protect users against potential attacks.

Nikiforakis evaluated one of the typo URLs at The Washington Post’s request and said it ‘showed tell-tale signs of a “phishing tool kit” that provides a ready-made way to spoof common websites’.

The article adds: ‘Nikiforakis believes that such expensive domain names could be using spearphishing — a phishing campaign aimed at a small number of handpicked people. “You’re not going after me and you with a few hundred bucks in your accounts, but people with millions of dollars in their crypto accounts,” he said.

‘That contrasts with the typical business model for phishing attacks, which tend to use large numbers of cheap domains, to minimize the costs of detection. “If I buy a .xyz \[domain\] for one dollar and I can make two dollars by the time someone blocks me, I’m ahead,” he said.’

How to Avoid a Crypto Scam

'Squid Game' token has recently collapsed as it is revealed to be a scam. The token was inspired by the popular Netflix series, Squid Game.

The pre-sale for Squid Game Tokens got off to a ridiculous start on 25 October, which saw the price of one token rise to $196. Within days it had plummeted back down to just below $20.

Gizmodo has traced some transactions made by the site's founders that appear to reveal plans to move funds into offshore bank accounts.

## Reddit Thread

A Reddit thread from 29 October posted by a user called Squid\_Help tried to dispel rumours that the project was a scam. They claimed that "SquidCorp's founders have been working on the project late into the night and at weekends for several months now". The post has since been deleted, according to Gizmodo.

This type of scam is usually known as a 'rug pull' by crypto investors. It's when promoters of an ICO use fake claims to try and generate hype in order to pump up the value of their tokens, before cashing in. The scam was popularised by Wolf of Wall Street Jordan Belfort and is often known as a 'pump and dump' scheme. This is where people would buy stocks that had been tipped off to some type of positive news.

## Watch Out For Scams

The value of cryptocurrencies can be extremely volatile, which means it's easy for scammers to make money this way. There are other, more sophisticated variants of the scam that are harder to protect against.

Many people had their doubts after the website for the token had misspellings and grammatical errors. The website and social media pages have since disappeared.


Squid Game Crypto Collapses in Reported $3m Scam

Claims by Craig Wright that he is the true creator of Bitcoin could be settled in court, in what commentators are calling the ‘trial of the century’.

The identity of Bitcoin’s creator Satoshi Nakamoto remains the crypto industry’s biggest secret, there is one person who claims he is the founder of the world’s first digital decentralised currency.

Australian computer scientist Craig Wright has stood by the claim since 2016 and a court in Miami is set to determine, once and for all, if Wright did indeed have some part in the development of Bitcoin.

Of course, access to 1.1 million Bitcoin in a locked wallet has nothing to do with the settling of the case, but is a strong reason to determine the facts.

The case centres around whether Craig Wright acted alone or with a now deceased partner in setting up and developing the Bitcoin source code. A jury of 10 have three weeks to listen to evidence and determine the facts of the case.

Craig Wright’s claim for sole ownership and development of the Bitcoin source code centres around his autism and the lack of a written agreement between himself and the other party, the now deceased David Kleiman.

One of the easiest ways to determine the author of the original source code and resulting locked Bitcoin wallet is to find out who can access the original funds. However, to date no one has been able to conclusively prove they own or can access the keys to open up the wallet.

## The $69 Billion Question

With the current price of Bitcoin floating around $63,500 determining the custody of 1.1 million, Bitcoin has serious ramifications. Should the case settle in anyone’s favour, the locked Bitcoin may become released and immediately placed for sale on the open market.

The impact of $69 billion worth of Bitcoin entering the market would send huge shock waves through the industry and have a serious effect on the price and stability of the world’s number one digital currency. The case continues.

## Bitcoin Price Explosion

A huge price surge saw Bitcoin explode more than $1,500 in a matter of minutes on Tuesday morning surpassing the highest price within a week.

Bitcoin Price Explosion came after days of sideways action and little volatility however many industry experts were expecting the price move.

This positive move adds to the bullish feel that has accompanied Bitcoin throughout October and most of 2021 with many investors seeking to jump on board the cryptocurrency express. Another bullish indicator saw the Relative Strength Index (RSI) move into 70 which typically indicates an asset is in high demand. 

Latest Moni

Crypto Business News | Page 23

Read the latest crypto business and market news from around the world.

Crypto Assets Banking Arrives Down Under

Crypto Blockchain Industries: What to Know

KuCoin Crypto Launches Metaverse Space

How to Avoid a Crypto Scam

Squid Game Crypto Collapses in Reported $3m Scam

Craig Wright Bitcoin Trial: Trial of the Century?

Russia using crypto to bypass sanctions

Mark Cuban believes crypto bear market will reverse when apps become useful

Cryptogrind: Bitcoin Freelancing