Raiffeisen Bank and Bitpanda Partner to Launch Cryptocurrency Trading Services in 2024
Summary:
Austria's Raiffeisen Bank is partnering with crypto firm Bitpanda to roll out cryptocurrency trading services for its customers. The service, projected to launch early in 2024, will provide users access to more than 2,500 cryptocurrencies, such as Bitcoin and Ether. This collaboration is a response to growing customer demand for easy, digital investment platforms and marks Raiffeisen's entry into the crypto trading space.
Raiffeisen Bank's Austrian arm is set to enable its clientele to trade in cryptocurrencies, including Bitcoin, in the near future. The decision comes in the wake of the initial announcement of such intentions made in April 2023. In partnership with Austrian crypto company Bitpanda, the initiative will be spearheaded by Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien). As per a bank spokesperson's statement to Cointelegraph, the launch of these crypto trade services in Vienna is projected for the first quarter of 2024.
The representative further clarified that an agreement of cooperation has been entered into with Bitpanda. This collaboration is aimed at offering an appealing digital investment platform early in 2024. The spokesperson revealed that the need for easily accessible, user-friendly and digital investment platforms is growing among customers. Thus, the initiative is a response to consumer demand and the bank is eagerly anticipating its arrival to the market.
Partnership with Bitpanda will grant RLB NÖ-Wien users access to the entire range of cryptocurrencies the bank offers. Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad has previously mentioned that Raiffeisen’s crypto service will support Bitpanda’s complete digital asset collection, encompassing over 2,500 cryptocurrencies. Among these are Bitcoin and Ether (ETH). He further suggested that Raiffeisen is open to extending the crypto trading service across all customer segments which include retail, private banking, and corporate clients.
Bitpanda spokesperson also stated: “Our ultimate aim is to offer the service to all RLB NÖ-Wien customers. However, we will initiate the service with the Vienna-based customers.”
Raiffeisen’s entry into the crypto space is another demonstration of Bitcoin’s spreading acceptance, with even companies like Ferrari accepting cryptocurrency as payment from October 2023. Raiffeisen Bank is among Europe's oldest banks, originating with Austria’s Mühldorf-based Raiffeisen Bank in 1886. As of June 30, 2023, Raiffeisen Group managed assets worth 247 billion Swiss francs (approximately $280 billion) and held client loans of 219 billion CHF (around $248 billion).
Published At
11/24/2023 8:08:37 AM
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