Raiffeisen Bank in Austria to Introduce Cryptocurrency Trading for Retail Clients in January
Raiffeisen Bank International to Launch Cryptocurrency Trading for Retail Customers by January 2024
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Austria’s Raiffeisen Bank International has announced its plans to introduce cryptocurrency trading services to its retail customers by the end of January 2024. The 97-year-old bank, headquartered in Vienna, will initially offer this service to customers in the city. The bank has partnered with cryptocurrency exchange Bitpanda to provide this service, with the exchange having already signed a letter of intent with the bank earlier in the year.
Curt Chadha, the bank’s head of innovation, stated in an interview, “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 move by Raiffeisen Bank International, which has a significant asset base of $215 billion and approximately 17.8 billion customers across the European Union and eastern Europe, is indicative of the increasing adoption of cryptocurrencies, particularly in jurisdictions where regulations are becoming clearer.
Chadha also mentioned that the service is targeted at customers who are digitally savvy and are looking to make small investments, in contrast to offerings from other banks, which are usually aimed at wealthy individuals with substantial investment portfolios.
Bitpanda, which was established in Vienna in 2014, operates under the supervision of the FMA in Austria and BaFin in Germany. The exchange enables firms to offer regulated trading, investment, and custody services for stocks/ETFs, cryptocurrencies, precious metals, and commodities.
This development is a significant step for Raiffeisen Bank International as it signifies the growing importance of cryptocurrencies in the financial sector. It also demonstrates the bank’s commitment to catering to the evolving needs of its retail customers as digital assets continue to gain traction in the global market.
With the rollout of cryptocurrency trading services, Raiffeisen Bank International is poised to provide its customers with access to the burgeoning crypto market while ensuring a seamless and secure experience, in line with the bank’s reputation for delivering high-quality financial services.
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