Raiffeisen Bank’s RLB NÖ-Wien prepares to unveil cryptocurrency trading services to its retail customers by next year. The Austrian subsidiary of Raiffeisen Bank, a European lender, is finalizing preparations to permit its clients to trade cryptocurrencies such as Bitcoin in the coming months.
Following an initial announcement concerning its crypto plans, Raiffeisen Bank entered into a partnership with Bitpanda, an Austrian crypto company.
The move contrasts the series of unbanking announcements by crypto exchanges citing restrictions imposed by leading financial institutions disassociating themselves from the digital assets platforms citing volatility.
Raiffeisenlandesbank Partners with Bitpanda
A bank’s representative said RLB NÖ-Wien intends to introduce crypto trading services in Vienna in the initial quarter of 2024. Specifically, he noted that RLB NÖ-Wien has signed a partnership agreement with Bitpanda to provide an appealing investment platform early next year.
Additionally, the representative said they have witnessed clients’ demand for inherent and accessible digital investment platforms. The efforts have been triggered by their primary intention to make client-centric decisions.
The spokesperson said that crypto’s introduction would grant RLB NÖ-Wien users access to all cryptocurrencies offered by Bitpanda, the bank’s partner. Earlier, Lukas Enzersdorfer-Konrad, Bitpanda’s deputy chief executive officer, said that Raiffeisen’s crypto offering would back all of Bitpanda’s digital asset offerings that comprise more than 2500 cryptocurrencies, which include Ether and Bitcoin.
Raiffeisenlandesbank to Commence Crypto Trading
He also talked about Raiffeisen’s readiness to make the crypto trading service available to all client segments, which include private banking, retail, and corporate clients. A Bitpanda representative said that, as revealed in April, the objective is to introduce the offer to all RLB NÖ-Wien clients. Nevertheless, the rollout will start with their Viennese clients.
Raiffeisen’s shift to crypto is an additional indicator of Bitcoin’s rising adoption, with firms such as Ferrari beginning to embrace cryptocurrency as payment last month.
Raiffeisen Bank is one of Europe’s oldest banks, with the initial bank being unveiled in Mühldorf in 1886. As of 30th June this year, the Raiffeisen Group’s assets under management amounted to 247 billion Swiss francs ($280B), while customer loans amounted to 219 billion CHF ($248B).
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