Hassan Maishera
TL;DR
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Austria’s Raiffeisen Bank will launch its crypto trading services in January 2024.
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The service will initially be offered to customers in Vienna, thanks to the bank’s partnership with Bitpanda.
Raiffeisen Bank To Launch Crypto Services Next Year
Austria’s Raiffeisen Bank has announced plans to roll out its cryptocurrency trading services to retail customers by the end of January 2024.
According to the bank, the service will initially be rolled out to customers in Vienna, the bank’s headquarters. The service will be made available thanks to the bank’s partnership with Bitpanda after the two entities signed a letter of intent earlier this year.
Curt Chadha, the bank’s head of innovation, commented that,
“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.”
This latest development is an indication that cryptocurrency adoption continues to rise in Europe, especially in regions where there is clarity of rules regarding digital assets.
Chada added that the service is designed for digital-savvy customers who wish to get small exposure to cryptocurrencies. Their services differ from other big banks that target wealthy individuals with millions to invest.
Bitpanda is a Vienna-based cryptocurrency company that has been around since 2014. The company is regulated by the FMA in Austria and BaFin in Germany and it allows firms to offer regulated trading, investment, and custody services for stocks/ETFs, cryptocurrencies, and commodities.
