The European bank is launching Bitcoin and crypto trading services in early 2024

Raiffeisen Bank, one of Austria’s largest banks, plans to launch crypto trading services for private investors in early 2024. The Vienna-based bank will offer these crypto services in collaboration with the crypto exchange Bitpanda.

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Crypto trading at a major European bank

The bank will initially only offer its trading services to customers residing in Vienna. The Austrian capital has been the location of the historic headquarters of Raiffeisen Bank for more than 97 years.

Curt Chadha, Head of Innovation at Raiffeisen Bank, says:

“We start in Vienna, where around a quarter of the Austrian population lives.”

The collaboration between Raiffeisen Bank and Bitpanda is considered a strategic step. Through this partnership, the bank would like to offer its private customers the opportunity to participate in the crypto market with a small amount.

Unlike other European banks that focus more on institutional investors, Raiffeisenbank wants to involve the private sector in the crypto market.

According to the Austrian bank, this is a major step forward in the global adoption of cryptocurrencies. While Chadha claims that the trading services are aimed at digitally savvy customers:

“The customer can access Bitpanda using their mobile device via the Raiffeisen app. The experience will be familiar, so confirming a transaction works in the same way as an account-to-account bank transfer.”

The Bitpanda crypto exchange enables trading for bank customers

The Bitpanda trading platform was founded in the capital of Austria in 2014. The crypto exchange signed a letter of intent with Raiffeisen Bank in April this year.

By partnering with Raiffeisen Bank, bank customers gain access to trading more than 250 different cryptocurrencies, including Bitcoin (BTC) and Ripple (XRP).

With the upcoming services from Raiffeisen Bank, the financial environment in Austria is facing a major change. The bank is also involved in trade finance innovation pilots through a partnership with R3’s Marco Polo blockchain network.

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