Raiffeisen Bank of Austria, headquartered in Vienna, has announced plans to provide cryptocurrency trading services to retail customers across the European Union and Eastern Europe. The launch of these services is scheduled for January 2024 and will be provided in collaboration with the cryptocurrency exchange Bitpanda. The initial rollout will take place in Vienna, where approximately one-quarter of Austria’s population resides.
Curt Chadha, Chief Innovation Officer at Raiffeisen Bank, emphasized the user-friendliness of the new service, stating, “Customers can use their mobile devices to access Bitpanda through the Raiffeisen app. The experience will be familiar, so transaction confirmations will work just like bank transfers from one account to another, with the same level of security that customers typically use.”
Raiffeisen Bank, with total assets of around $215 billion and serving 17.8 million customers across the European Union and Eastern Europe, sees this move as an opportunity to meet the needs of a tech-savvy demographic group looking for safe and diversified investment options. This group includes customers interested in making smaller investments in digital currencies rather than larger investments typically associated with wealthier individuals.
Bitpanda, founded in 2014 in Vienna, operates under the supervision of Austria’s FMA and Germany’s BaFin. The platform allows regulated trading for various asset classes, including stocks, ETFs, precious metals, and cryptocurrencies, providing a comprehensive solution for modern investors.
The collaboration with Bitpanda is significant as it will enable Raiffeisen Bank to offer a range of diversified managed trading, investment, and custody services. Bitpanda had signed a memorandum of understanding with Raiffeisen Bank earlier this year, stating that both entities were working together to provide cryptocurrencies to the bank’s customers.
Michael Höllerer, CEO of Raiffeisenlandesbank NÖ-Wien, who oversees the bank’s activities in Vienna and the surrounding region, expressed that their exploration of cooperation with Bitpanda was designed to introduce a new, secure dimension to their services. He believed it would empower all customers to conveniently build their wealth.