Raiffeisen Bank International, with $215B in assets and customers spanning from the European Union to Eastern Europe, is taking a major step towards the adoption of cryptocurrencies in the traditional banking sector. The 97-year-old bank has announced that it will be introducing cryptocurrency trading services for retail customers by January 2024, starting in Vienna.
To bring this service to their customers, Raiffeisen Bank will be partnering with local crypto exchange Bitpanda. Through the Raiffeisen app, customers in Vienna will be able to access Bitpanda’s platform and complete trades with the same security measures as a traditional bank transfer.
The bank’s head of innovation, Curt Chadha, has stated that the focus is on customers looking to make smaller investments, rather than those with larger portfolios. Bitpanda is also an advantage to this partnership, as they operate under the supervision of both the Financial Market Authority in Austria and the Federal Financial Supervisory Authority in Germany. This adds an extra layer of credibility and regulation to the exchange.
The collaboration between Raiffeisen Bank and Bitpanda is a strategic move to cater to the growing demand for cryptocurrency services. It reflects the trend of traditional financial institutions adapting to the influence of digital assets.