Austria’s Raiffeisen Financial institution Worldwide introduced its plan to supply cryptocurrency buying and selling providers to its retail prospects.
This pioneering step will begin by the top of January 2024, marking a brand new period within the financial institution’s 97-year historical past.
Raiffeisen Financial institution to Launch Consumer-Pleasant Crypto Buying and selling Providers
Austria’s Raiffeisen Financial institution, headquartered in Vienna, has introduced its plan to supply crypto buying and selling providers to its retail prospects all through the European Union and Japanese Europe.
The launch of those providers is ready for January 2024 and might be supplied in collaboration with the crypto trade Bitpanda. The preliminary rollout might be in Vienna, residence to roughly 1 / 4 of Austria’s inhabitants.
Curt Chadha, the Head of Innovation at Raiffeisen Financial institution, highlighted the user-friendliness of the brand new service, stating, “The shopper can use their cell gadget to enter Bitpanda by the Raiffeisen app. The expertise might be acquainted, so confirming a commerce will work precisely like an account-to-account financial institution switch with the identical safety prospects are used to.”
Raiffeisen Financial institution, with belongings totaling round $215 billion and serving 17.8 million prospects throughout the European Union and Japanese Europe, sees this step as an opportunity to fulfill the wants of a tech-savvy demographic on the lookout for safe and various funding choices.
This group consists of prospects eager on making smaller investments in digital currencies as an alternative of bigger investments normally related to wealthier people.
Partnership with Bitpanda to Allow Various Choices
Bitpanda, established in 2014 in Vienna, operates underneath the supervision of Austria’s FMA and Germany’s BaFin. The platform permits regulated buying and selling in various belongings, together with shares, ETFs, valuable metals, and cryptocurrencies, providing a complete suite for contemporary buyers.
The partnership with Bitpanda is critical as it would allow Raiffeisen Financial institution to supply a diversified vary of regulated buying and selling, funding, and custody providers.
Bitpanda had signed a letter of intent to cooperate with Raiffeisen Financial institution earlier this yr that acknowledged the 2 had been working collectively to supply crypto to the lender’s prospects.
Michael Höllerer, the Normal Director of Raiffeisenlandesbank NÖ-Wien, which oversees the financial institution’s actions in Vienna and the neighboring space, on the time expressed that the exploration of their collaboration with Bitpanda is designed to introduce a brand new, safe dimension to their choices which he believes, will empower all prospects to construct their wealth conveniently.
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