- Raiffeisen Bank to launch crypto trading in Vienna by 2024, in partnership with Bitpanda.
- Service aims at easy wealth accumulation, targeting modest investors, not just the affluent.
- Bitpanda, regulated by FMA and BaFin, enables diverse asset trading and investment services.
Raiffeisen Bank in Austria is set to introduce trading services for cryptocurrencies to its retail clients by January 2024. Initially, this service will be available to clients in Vienna, the location of the bank’s 97-year-old headquarters. This new offering is in collaboration with Bitpanda, a cryptocurrency exchange, following a letter of intent signed earlier in the year.
In the letter, Michael Höllerer, General Director of Raiffeisenlandesbank NÖ-Wien, overseeing the bank’s operations in Vienna and nearby regions, emphasized that the partnership with Bitpanda is designed to enrich their product offerings with a secure, innovative feature, thereby facilitating easy wealth accumulation for all their clients.
“We are starting in Vienna where about a quarter of Austria’s population lives. 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 sort of security customers are used to.”
Curt Chadha, Raiffeisen Bank
The decision by Raiffeisen Bank, which boasts assets of around $215 billion and a customer base of 17.8 million across the European Union and Eastern Europe, highlights the increasing acceptance of cryptocurrencies, especially in regions where regulatory guidelines are becoming clearer.
According to Chadha, the service targets digitally knowledgeable customers interested in modest investments, contrasting with services from other banks that cater to affluent individuals looking to invest millions.
Founded in Vienna in 2014, Bitpanda operates under the regulatory oversight of Austria’s FMA and Germany’s BaFin. The platform facilitates companies in providing regulated services for trading, investing, and custody of various assets, including stocks/ETFs, cryptocurrencies, precious metals, and commodities.
