Raiffeisenlandesbank Will Launch Bitcoin Trading Service in 2024
Raiffeisen Bank's Austrian branch, RLB NÖ-Wien, is partnering with Bitpanda to launch a digital investment platform for cryptocurrency trading, set to launch in early 2024.
The Austrian branch of the European financial institution, Raiffeisen Bank, is in the process of enabling its customers to engage in cryptocurrency trading, including popular options like Bitcoin (BTC).
After initially revealing its intentions to enter the cryptocurrency space in April 2023, Raiffeisen Bank's subsidiary, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), is now progressing with its cryptocurrency initiative in collaboration with the Austrian cryptocurrency company, Bitpanda.
According to a bank spokesperson, RLB NÖ-Wien anticipates commencing the introduction of cryptocurrency trading services in Vienna during the first quarter of 2024.
"Raiffeisenlandesbank NÖ-Wien has entered into a cooperative partnership with Bitpanda. Through this collaboration, we aim to launch an appealing digital investment platform in early 2024," the representative stated. They further emphasized:
“We have seen the demand from customers for easy, intuitive, digital investment platforms. Our main intention to take customer-centric decisions has triggered these efforts, which we are excited about bringing to market.”
As part of this cryptocurrency rollout, users of RLB NÖ-Wien will gain access to the full array of cryptocurrencies offered by their partner, Bitpanda.
Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, previously stated that Raiffeisen's cryptocurrency services would encompass Bitpanda's extensive digital asset offerings, which include over 2,500 cryptocurrencies, such as Bitcoin and Ether (ETH).
Furthermore, Raiffeisen intends to extend this cryptocurrency trading service to all customer segments, encompassing retail, private banking, and corporate clients. A Bitpanda spokesperson noted, "As we announced in April, our ultimate objective is to make our offering accessible to all RLB NÖ-Wien customers. Nevertheless, the initial rollout will be limited to their customers in Vienna."
Raiffeisen's entry into the cryptocurrency market reflects the growing acceptance and adoption of Bitcoin, exemplified by the likes of Ferrari, which began accepting cryptocurrencies as a form of payment in October 2023.
It is noteworthy that Raiffeisen Bank stands as one of Europe's oldest financial institutions, with the inaugural Raiffeisen bank opening its doors in Austria's Mühldorf back in 1886. As of June 30, 2023, the Raiffeisen Group managed assets totaling 247 billion Swiss francs ($280 billion) and had client loans of 219 billion CHF ($248 billion).