- Austria’s Raiffeisen Bank will launch crypto trading in 2024.
- Raiffeisen Bank International has $215B in assets and a customer base spanning the European Union and Eastern Europe.
- Bitpanda crypto exchange has complied with the crypto regulations in Austria and Germany.
In a significant move signalling the increasing adoption of cryptocurrencies in the traditional banking sector, Raiffeisen Bank International has announced its plans to introduce cryptocurrency trading services for retail customers by the end of January 2024.
The initiative will commence in Vienna, where the 97-year-old bank is headquartered, in collaboration with local cryptocurrency exchange Bitpanda.
Raiffeisen Bank’s partnership with Bitpanda
Raiffeisen Bank’s cryptocurrency services, designed to cater to digital-savvy customers, will leverage a partnership with Bitpanda. Through the Raiffeisen app, customers in Vienna will be able to access Bitpanda’s platform using their mobile devices seamlessly.
Curt Chadha, the bank’s head of innovation, emphasized that the user experience will be familiar, with the confirmation of trades resembling the security measures associated with traditional bank transfers.
The decision to initiate services in Vienna, home to approximately a quarter of Austria’s population, aligns with Raiffeisen Bank International’s strategy to tap into the growing demand for cryptocurrency services in a controlled manner. Chadha noted that the focus is on customers looking to make smaller investments, distinguishing the offering from those of other banks that target wealthier individuals with substantial investment portfolios.
Bitpanda’s regulatory compliance
Bitpanda, founded in Vienna in 2014, operates under the supervision of the Financial Market Authority (FMA) in Austria and the Federal Financial Supervisory Authority (BaFin) in Germany. The exchange provides regulated trading, investment, and custody services for various assets, including stocks/ETFs, cryptocurrencies, precious metals, and commodities.
This regulatory compliance adds an additional layer of credibility to the partnership and positions Bitpanda as a platform facilitating secure and regulated access to various asset classes.
As Raiffeisen Bank International enters the cryptocurrency space, the collaboration with Bitpanda signifies a strategic move to cater to the evolving financial preferences of a digitally inclined customer base. The initiative underscores the bank’s commitment to innovation and reflects the broader trend of traditional financial institutions adapting to the growing influence of digital assets.
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