The European lender, Raiffeisen Bank, has announced that its subsidiary, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), is set to launch crypto exchange services for its customers. This decision comes after the bank’s successful partnership with the Austrian digital currency firm Bitpanda.
Initially announced in April 2023, Raiffeisen Bank’s interest in cryptocurrencies has now developed into concrete plans. The bank is aiming to launch the crypto trading services in Vienna during the first quarter of 2024, catering to the increasing demand from customers for a user-friendly and digital investment platform.
Through this collaboration, RLB NÖ-Wien customers will have access to a diverse range of coins and tokens, including popular ones like Bitcoin and Ether. Moreover, Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad has confirmed that the bank will support over 2,500 digital assets on their platform.
Raiffeisen Bank aims to make this service accessible to all segments of its customer base, including retail, private banking, and corporate customers. However, the initial launch will be limited to clients based in Vienna.
“We believe that our crypto trading service will appeal to digitally-savvy customers looking to make smaller investments,” stated Curt Chadha, head of innovation at Raiffeisen Bank. He also noted that this sets the bank apart from other lenders that primarily cater to high-net-worth investors.
With a rich history dating back to 1886, Raiffeisen Bank has established itself as a prominent financial institution in Europe. As of June 2023, the bank’s assets under management stood at $215 billion, and its client loans stood at $248 billion.
With a customer base of 17.8 million across the EU and eastern Europe, Raiffeisen Bank’s foray into the cryptocurrency market is another notable step towards increasing adoption of digital assets.
Founded in Vienna in 2014, Bitpanda operates under the supervision of regulatory bodies such as the FMA in Austria and BaFin in Germany. The platform offers regulated trading, investment, and custody services for a wide range of assets (such as stocks, ETFs, digital currencies, and commodities).