2023-11-23 13:07:19
Austrian Raiffeisen Bank will offer crypto trading services to retail customers in January. The bank will start its crypto services in partnership with Bitpanda. The Austrian Raiffeisen Bank International will launch cryptocurrency trading services for its retail customers at the end of January 2024. The service will initially be offered to customers at the 97-year-old bank’s headquarters in Vienna in partnership with cryptocurrency exchange Bitpanda, which signed a memorandum of understanding with the bank earlier this year. “We are starting in Vienna, where regarding a quarter of Austria’s population lives,” said Curt Chadha, the bank’s head of innovation, in an interview. “The customer can access Bitpanda with his mobile device through the Raiffeisen application. The experience will be familiar, so trade confirmation will work exactly like a bank transfer between two accounts, with the security customers are used to.” The move by the bank — which has regarding $215 billion in assets and 17.8 billion customers in the European Union and Eastern Europe — is another sign that cryptocurrency adoption is growing at a faster pace, especially in jurisdictions where the state is trying to regulate it. to form. Chadha said the service is aimed at customers who are digitally savvy but want to make a small investment, as opposed to other banks’ offerings that target high-net-worth individuals with millions in investments. Founded in Vienna in 2014, Bitpanda is regulated by the FMA in Austria and the BaFin in Germany and enables firms to offer regulated trading, investment and custody services in stocks/ETFs, cryptocurrencies, precious metals and commodities.
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