Austria’s Raiffeisen Financial institution to launch crypto buying and selling in partnership with Bitpanda

• Austria’s Raiffeisen Financial institution will launch crypto buying and selling in 2024.
• Raiffeisen Financial institution Worldwide has $215B in belongings and a buyer base spanning the European Union and Japanese Europe.
• Bitpanda crypto change has complied with the crypto laws in Austria and Germany.

In a big transfer signalling the rising adoption of cryptocurrencies within the conventional banking sector, Raiffeisen Financial institution Worldwide has introduced its plans to introduce cryptocurrency buying and selling companies for retail clients by the tip of January 2024.

The initiative will begin in Vienna, the place the 97-year-old financial institution is headquartered, in collaboration with native cryptocurrency change Bitpanda.

Raiffeisen Financial institution’s partnership with Bitpanda 

Raiffeisen Financial institution’s cryptocurrency companies, designed to cater to digital-savvy clients, will leverage a partnership with Bitpanda. By way of the Raiffeisen app, clients in Vienna will have the ability to entry Bitpanda’s platform utilizing their cellular gadgets seamlessly.

Curt Chadha, the financial institution’s head of innovation, emphasised that the person expertise can be acquainted, with the affirmation of trades resembling the safety measures related to conventional financial institution transfers.

The choice to provoke companies in Vienna, dwelling to roughly 1 / 4 of Austria’s inhabitants, aligns with Raiffeisen Financial institution Worldwide’s technique to faucet into the rising demand for cryptocurrency companies in a managed method. Chadha famous that the main target is on clients seeking to make smaller investments, distinguishing the providing from these of different banks that concentrate on wealthier people with substantial funding portfolios.

Bitpanda’s regulatory compliance

Bitpanda, based in Vienna in 2014, operates underneath the supervision of the Monetary Market Authority (FMA) in Austria and the Federal Monetary Supervisory Authority (BaFin) in Germany. The change offers regulated buying and selling, funding, and custody companies for numerous belongings, together with shares/ETFs, cryptocurrencies, treasured metals, and commodities.

This regulatory compliance provides a further layer of credibility to the partnership and positions Bitpanda as a platform facilitating safe and controlled entry to varied asset courses.

As Raiffeisen Financial institution Worldwide enters the cryptocurrency house, the collaboration with Bitpanda signifies a strategic transfer to cater to the evolving monetary preferences of a digitally inclined buyer base. The initiative underscores the financial institution’s dedication to innovation and displays the broader development of conventional monetary establishments adapting to the rising affect of digital belongings.