Raiffeisen Bank, a leading Austrian bank, will offer cryptocurrency trading services to its retail customers in Vienna by the end of January 2024. Bitpanda, a regulated cryptocurrency exchange, will power the service.
The Bank has announced that it will introduce cryptocurrency trading services for its retail customers in Vienna, the country’s capital and largest city.
The service, which will be available by the end of January 2024, will be provided in partnership with Bitpanda, a cryptocurrency exchange that operates under the supervision of the Austrian and German financial regulators.
According to Curt Chadha, the bank’s head of innovation, the service will allow customers to access Bitpanda’s platform through the Raiffeisen app on their mobile devices.
The customers will be able to buy, sell, and store various cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, using their existing bank accounts.
The service will also offer the same level of security and convenience that customers are used to with their regular bank transfers.
“We are starting in Vienna, where about a quarter of Austria’s population lives,” Chadha said in an interview. “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.”
Chadha said that the service is aimed at customers who are digitally savvy but perhaps only want to make a small investment in cryptocurrencies, as opposed to other banks that target wealthy individuals with millions to invest.
He also stated that the service will offer competitive fees, transparent prices, and educational and informational content to help customers understand the crypto market.
The crypto trading service is a unique in that it is one of the first of its kind in Austria, a country that has supported the crypto industry and provided clear regulatory guidance for crypto businesses.
Bitpanda was founded in Vienna in 2014 and is one of the largest and most trusted cryptocurrency exchanges in Europe, with over 4 million users and more than 100 digital assets available for trading.
Bitpanda is licensed by the Financial Market Authority (FMA) in Austria and the Federal Financial Supervisory Authority (BaFin) in Germany, ensuring compliance with the highest security and transparency standards.
The announcement by Raiffeisen Bank, which has some $215 billion in assets and 17.8 million customers across the European Union and Eastern Europe, is another sign of crypto adoption ramping up, particularly in jurisdictions where clarity around rules is emerging.
The bank, which was founded in 1927, has been known for its innovation and customer-centric approach, offering a wide range of financial products and services, including digital banking, wealth management, and corporate finance.
The service also reflects the growing demand for cryptocurrency trading services among retail customers, who are looking for alternative ways to diversify their portfolios and access the opportunities offered by the crypto market.
According to a recent survey by Statista, Austria ranks among the top 10 countries in the world in terms of crypto ownership, with 20% of the respondents saying that they own or have owned cryptocurrencies.
As the crypto industry faces increasing challenges and opportunities from regulators, lawmakers, and innovators, the Raiffeisen Bank and Bitpanda service is a positive example of how traditional finance and crypto can collaborate and coexist.
Meanwhile, users and investors are advised to exercise caution and due diligence when trading cryptocurrencies, as they are subject to high volatility and risk.
