Austria’s Raiffeisen Bank International revealed its strategy to provide cryptocurrency trading services to its retail clients.
This pioneering action will start by the end of January 2024, marking a brand-new period in the bank’s 97-year history.
Raiffeisen Bank to Launch User-Friendly Crypto Trading Services
Austria’s Raiffeisen Bank, headquartered in Vienna, has actually revealed its strategy to provide crypto trading services to its retail clients throughout the European Union and Eastern Europe.
The launch of these services is set for January 2024 and will be provided in cooperation with the crypto exchange Bitpanda. The preliminary rollout will remain in Vienna, home to roughly a quarter of Austria’s population.
Curt Chadha, the Head of Innovation at Raiffeisen Bank, highlighted the user-friendliness of the brand-new service, mentioning, “The client can utilize their mobile phone to go into Bitpanda through the Raiffeisen app. The experience will recognize, so verifying a trade will work precisely like an account-to-account bank transfer with the exact same security consumers are utilized to.”
Raiffeisen Bank, with possessions amounting to around $215 billion and serving 17.8 million clients throughout the European Union and Eastern Europe, sees this action as a possibility to fulfill the requirements of a tech-savvy group searching for protected and varied financial investment choices.
This group consists of consumers keen on making smaller sized financial investments in digital currencies rather of bigger financial investments generally connected with wealthier people.
Collaboration with Bitpanda to Enable Diverse Offerings
Bitpanda, developed in 2014 in Vienna, runs under the guidance of Austria’s FMA and Germany’s BaFin. The platform allows managed trading in varied possessions, consisting of stocks, ETFs, rare-earth elements, and cryptocurrencies, providing a detailed suite for contemporary financiers.
The collaboration with Bitpanda is considerable as it will make it possible for Raiffeisen Bank to use a varied variety of managed trading, financial investment, and custody services.
Bitpanda had actually signed a letter of intent to work together with Raiffeisen Bank previously this year that mentioned the 2 were collaborating to provide crypto to the lending institution’s clients.
Michael Höllerer, the General Director of Raiffeisenlandesbank NÖ-Wien, which supervises the bank’s activities in Vienna and the surrounding location, at the time revealed that the expedition of their cooperation with Bitpanda is created to present a brand-new, safe and secure measurement to their offerings which he thinks, will empower all clients to develop their wealth easily.
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