2023-04-28 07:08:22
It was recently revealed that Austria’s second largest bank has entered into a partnership with the Bitpanda trading platform.
The cooperation between the banking group Raiffeisenlandesbank Niederösterreich-Wien (RLB Nö-Wien) and Bitpanda came shortly following the crypto exchange entered into a similar agreement with the German mobile bank N26. The parent company did this with the aim of providing crypto investment services to its clients. The initiative will be implemented using the software provided by the crypto exchange (SaaS – Software as a Service).
Of this cooperation thanks to this, RLB Nö-Wien is the first traditional bank in the European Union to integrate digital tools into its services.
In addition to crypto investments, the Austrian company does not shy away from adding shares, cryptos, exchange-traded investment funds, and precious metals to its repertoire. Those wishing to invest can invest as little as 1 euro in the instruments of their choice. With this, their goal is to help their customers “in achieving their financial aspirations”.
Bitpanda’s CEO, Eric Demuth, highlighted the problems most affecting the financial market in his statement. In his opinion, this lies in the complexity of the sector’s operation and the lack of inclusivity. According to him, the banking group intends to make investing easier for everyone.
“We want simple and easy-to-use products that do not require instructions. In cooperation with Bitpanda, we have created a SaaS infrastructure that enables our partners to conduct transactions related to digital assets. And all of this is created under conditions that are regulated and comply with safety regulations”Demuth stated.
As part of the agreement, RLB Nö-Wien signed a letter of intent with Bitpanda. The assessment process is expected to be completed towards the end of 2023.
Incidentally, the partnership was announced days following the EU finally gave its nod to the introduction of the MiCa regulation. The crypto sector received the news with mixed feelings, many are happy with this motion of the European Union, while others condemn it completely.
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