Raiffeisen Bank International to Offer Cryptocurrency Trading Services to Retail Customers
Austria’s Raiffeisen Bank International is set to introduce cryptocurrency trading services to retail customers by the end of January 2024. The move comes as part of the 97-year-old bank’s efforts to keep up with the rapidly evolving financial landscape.
Partnership with Bitpanda
The service will initially be available to customers in Vienna, where the bank is headquartered. Raiffeisen Bank International has teamed up with cryptocurrency exchange Bitpanda for this initiative, with the exchange having signed a letter of intent with the bank earlier this year.
Curt Chadha, the bank’s head of innovation, shed light on the user experience, stating that customers can access Bitpanda through the Raiffeisen app on their mobile devices. He emphasized that the experience will be familiar to users, and confirming a trade will work just like an account-to-account bank transfer, providing a high level of security that customers are accustomed to.
Sign of Increasing Crypto Adoption
With around $215 billion in assets and 17.8 million customers across the European Union and eastern Europe, Raiffeisen Bank International’s foray into cryptocurrency trading is seen as another indicator of the growing adoption of digital currencies. This is particularly evident in jurisdictions where there is increasing clarity around relevant rules and regulations.
Target Audience and Regulatory Compliance
Chadha pointed out that the new service is primarily aimed at customers who are tech-savvy and interested in making small investments in cryptocurrencies. This sets the offering apart from those of other banks, which typically cater to wealthy individuals with substantial sums to invest.
Bitpanda, the cryptocurrency exchange partnering with Raiffeisen Bank International, was established in Vienna in 2014. The exchange operates under the supervision of the FMA in Austria and BaFin in Germany, enabling firms to provide regulated trading, investment, and custody services for a wide range of assets, including stocks, ETFs, cryptocurrencies, precious metals, and commodities.
As the bank gears up to launch its cryptocurrency trading services, it joins the ranks of financial institutions worldwide that are adapting to the increasing demand for digital asset investment options. The move also reflects the evolving customer preferences and the need for banks to stay abreast of the latest financial technologies.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
