Austria's Raiffeisen Bank will offer crypto trading services closer to Jan 2024
In Jan 2024, Raiffeisen Bank in Austria is getting ready for a roll-out of its crypto trading services. In an alliance with Bitpanda, the bank—possessing $215B in assets and serving 17.8M clients across the European Association and Eastern Europe—will provide crypto services to those customers who are based in Vienna. A signed letter of intent signifies this move.
Overall, that is another clear indicator that crypto adoption is escalating, particularly in locations where laws are being shaped.
“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,” - said Curt Chadha, a head of Raiffeisen’s innovation department.
The service, as Chadha articulated, bears a particular focus on clients. According to him, the prime target is computer-savvy individuals who prefer to invest modest portions of their capital. In contrast, most other banks concentrate primarily on wealthy individuals ready to invest a fortune.
Laid out in Vienna in 2014, Bitpanda works under the oversight of Austria's FMA and Germany's BaFin, empowering firms to give coordinated trade, exchanging, and guardianship administrations for stocks/ETFs along with advanced monetary standards, valuable metals, and wares.