Raiffeisen Bank Partners with Bitpanda to Offer Cryptocurrency Services in Vienna

Austrian financial stalwart Raiffeisen Bank is set to roll out cryptocurrency trading services for retail clients in Vienna by January 2024. Teaming up with Bitpanda, a cryptocurrency exchange, the 97-year-old bank is taking a digital leap. Boasting $215 billion in assets and serving 17.8 million customers across the European Union and Eastern Europe, Raiffeisen is strategically entering the crypto realm. This move underscores the accelerating adoption of cryptocurrencies, particularly in regions with clear regulatory frameworks.

Curt CHADHA, Raiffeisen Bank’s head of innovation, reveals that the service targets digitally savvy customers, catering to those with a preference for modest investments. This contrasts with offerings from other banks that often target affluent individuals willing to commit millions. Bitpanda, established in Vienna in 2014, is regulated by Austria’s FMA and Germany’s BaFin. The platform enables firms to provide regulated trading, investment, and custody services across stocks/ETFs, cryptocurrencies, precious metals, and commodities.

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