Raiffeisen Bank to Launch Crypto Trading Services

Austria’s Raiffeisen Bank International has announced its plan to offer cryptocurrency trading services to its retail customers throughout the European Union and Eastern Europe. The pioneering step will begin by the end of January 2024, marking a new era in the bank’s 97-year history.

The launch of these services, in collaboration with the crypto exchange Bitpanda, is set for January 2024 and will initially be offered in Vienna, home to approximately a quarter of Austria’s population.

Curt Chadha, the Head of Innovation at Raiffeisen Bank, highlighted the user-friendliness of the new service, stating, “The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same security customers are used to.”

Raiffeisen Bank, with assets totaling around $215 billion and serving 17.8 million customers across the European Union and Eastern Europe, sees this step as a chance to meet the needs of a tech-savvy demographic looking for secure and diverse investment options, including smaller investments in digital currencies.

Partnership with Bitpanda for Diverse Offerings

Bitpanda, established in 2014 in Vienna, operates under the supervision of Austria’s FMA and Germany’s BaFin. The platform enables regulated trading in diverse assets, including stocks, ETFs, precious metals, and cryptocurrencies, offering a comprehensive suite for modern investors.

The partnership with Bitpanda is significant as it will enable Raiffeisen Bank to offer a diversified range of regulated trading, investment, and custody services. Bitpanda had signed a letter of intent to cooperate with Raiffeisen Bank earlier this year, stating the two were working together to offer crypto to the lender’s customers.

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Michael Höllerer, the General Director of Raiffeisenlandesbank NÖ-Wien, at the time expressed that the exploration of their collaboration with Bitpanda is designed to introduce a new, secure dimension to their offerings which he believes, will empower all customers to build their wealth conveniently.

### News source: cryptopotato.com

By Team