Austrian Bank Explores Crypto Trading

MetaversePlanet November 23, 2023Last Updated: February 27, 2024

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Raiffeisen Bank, an established banking institution in Austria with a 97-year history, is set to venture into the realm of cryptocurrency trading for retail investors starting January 2024. To facilitate this new service, the bank has partnered with Bitpanda, a crypto exchange based in Vienna.

Initially, Raiffeisen Bank will launch its cryptocurrency services exclusively in Vienna, the capital of Austria, where approximately one-quarter of the country’s population resides.

This move follows a letter of intent signed earlier this year between the bank and Bitpanda. With an asset management portfolio of around $215 billion across the European Union and Eastern Europe, Raiffeisen Bank is a significant player in the region’s financial sector.

Curt Chadha, the Head of Innovation at Raiffeisen Bank, outlined the operational aspects of this new service. He explained that customers in Vienna would be able to access Bitpanda’s crypto trading platform directly through the Raiffeisen mobile app.

This integration will allow clients to conduct transactions in cryptocurrencies as seamlessly as traditional account-to-account bank transfers. Chadha emphasized that the service is particularly aimed at those customers interested in making smaller-scale investments.

Bitpanda, founded in 2014 and also headquartered in Vienna, brings regulatory credibility to this partnership. The crypto exchange has secured regulatory approvals from both the Financial Market Authority (FMA) in Austria and the Federal Financial Supervisory Authority (BaFin) in Germany.

This collaboration between Raiffeisen Bank and Bitpanda marks a significant step in bridging traditional banking services with the burgeoning world of cryptocurrencies.