Raiffeisen Bank To Offer Retail Crypto Trading via Bitpanda in Vienna

• Austria’s Financial Market Authority (FMA) and Germany’s BaFin both oversee Bitpanda.
• Bitpanda, a crypto exchange, signed a memorandum of intent with the bank earlier this year.

By January 2024 end, Austria-based Raiffeisen Bank plans to provide retail clients trading services in cryptocurrencies. Bitpanda, a crypto exchange, signed a memorandum of intent with the bank earlier this year, and the duo will work together to deliver the service to consumers in Vienna.

Curt Chadha, the bank’s head of innovation stated:

“We are starting in Vienna where about a quarter of Austria’s population lives.” 

Targeting Retail Clients

Bitpanda’s services, including the trading of more than 250 different cryptocurrencies like Bitcoin and Ethereum, would be made available to the bank’s clients as a result of the agreement.

With $215 billion in assets and 17.8 million clients in the EU and Eastern Europe, the bank’s decision is another indication that crypto adoption is picking up steam, especially in regions where regulatory clarity is developing.

Chadha further added:

“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 security customers are used to.”

According to Chadha, unlike the products of other banks, which are geared at affluent people with millions to invest, this service is designed for clients who are digitally adept but may only wish to make a little contribution.

Austria’s Financial Market Authority (FMA) and Germany’s BaFin both oversee Bitpanda, a company created in Vienna in 2014 that allows businesses to provide regulated trading, investing, and custody services for various assets including cryptocurrencies.

In 2020, the global Raiffeisen bank began building a blockchain-based platform for the tokenization of national currency. The bank’s trade finance experiments using R3’s Marco Polo blockchain network are additional evidence of its dedication to innovation.

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