LUCKNOW (CoinChapter.com) — Vienna-based Raiffeisen Bank International is gearing up to introduce crypto trading services to retail customers by the end of January 2024. The 97-year-old institution has partnered with Bitpanda, a crypto exchange, for the new venture, having signed a letter of intent to cooperate in April this year.
As a result of this collaboration, Raiffeisen’s crypto trading customers in Vienna can access Bitpanda’s platform through their mobile application.
In an interview, the bank’s head of innovation, Curt Chadha, said:
“We are starting in Vienna, where about a quarter of Austria’s population lives. Customers can use their mobile devices 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’s Crypto Trading Venture May Boost Adoption
Choosing Vienna as the starting point, where around 25% of Austria’s population resides, reflects Raiffeisen Bank International’s intention to meet the rising demand for crypto services.
The bank manages assets totaling $215 billion and serves 17.8 billion customers across the European Union and Eastern Europe. This indicates a growing trend of crypto adoption, especially in regions where regulatory frameworks are becoming clearer.
Chadha said the service targets digitally savvy customers interested in smaller investments instead of high-net-worth individuals with millions to invest.
Bitpanda, founded in Vienna in 2014, operates under the regulatory supervision of the FMA in Austria and BaFin in Germany.
This oversight ensures a regulated environment for trading, investment, and custody services spanning stocks/ETFs, cryptocurrencies, precious metals, and commodities. The collaboration with Raiffeisen Bank underscores the commitment to providing a secure and compliant avenue for individuals entering the cryptocurrency market.
