Austria’s Raiffeisen Bank Partners with BitPanda to Offer Crypto Services in Vienna
Austria’s Raiffeisen Bank International along with BitPanda plans to introduce crypto trading services in Vienna for retail customers.
Austria’s Raiffeisen Bank International has announced its intention to introduce crypto trading services for retail customers by the end of January 2024. In collaboration with cryptocurrency exchange BitPanda, the service will initially be rolled out to customers in Vienna.
To access BitPanda, customers can log in via the Raiffeisen app using their mobile devices. User experience will be similar to standard account-to-account bank transfers with familiar security measures.
Headquartered in Vienna, 97-year-old Raiffeisen Bank International aims to launch this service to serve a quarter of Austria’s population. Targeting digitally savvy customers interested in smaller investments, the offering differs from those of other banks that cater primarily to wealthy individuals with substantial investment portfolios.
Traditional Banks Are Exploring Crypto for Financial Services
The move by Raiffeisen Bank, which has approximately $215 billion in assets and serves 17.8 billion customers across the European Union and Eastern Europe, signifies another step forward in the increasing adoption of cryptocurrencies.
With the expectation that the digital asset space will encompass trillions of dollars of assets, it holds the potential to become one of the priorities for investors and corporations. Several banks are actively considering the adoption of cryptocurrencies to expand their service offerings. Currently, Standard Chartered, BNY Mellon and Societe Generale provide custody services to their clients.
In a recent development, Deutsche Bank has aligned itself with this trend after forming a partnership with Swiss crypto firm Taurus. Consequently, Deutsche Bank now provides custody services for cryptocurrencies and tokenized assets to its institutional clients.
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