Early in 2024, retail clients of Raiffeisen Bank’s RLB NÖ-Wien will be able to trade cryptocurrencies.
The European lender Raiffeisen Bank’s Austrian branch is getting ready to let its customers trade cryptocurrencies like Bitcoin BTC $37,508 in the upcoming months.
Raiffeisen Bank’s Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is proceeding with a crypto rollout in partnership with the Austrian crypto startup Bitpanda, following the announcement of its initial plans in April 2023.
RLB No-A Wien representative told Cointelegraph that the bank plans to launch cryptocurrency trading services in Vienna in the first quarter of 2024.
Bitpanda and Raiffeisenlandesbank NÖ-Wien have inked a cooperative agreement. We hope to provide a compelling digital investment platform through this partnership by the beginning of 2024,” the representative added.
“We have observed that clients are in need of simple, user-friendly digital investment platforms. These initiatives, which we are eager to introduce to the market, were spurred by our primary goal of making decisions that are focused on the needs of the customer.”
A representative for RLB NÖ-Wien stated that customers will have access to all cryptocurrencies offered by Bitpanda, the bank’s partner.
The full range of Bitpanda’s digital asset offerings, which include over 2,500 cryptocurrencies like Bitcoin and Ether ETH $2,086—will be supported by Raiffeisen’s cryptocurrency, according to a previous statement made by Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad. The executive further stated that Raiffeisen was prepared to provide cryptocurrency trading services to retail, corporate, and private banking clients.
“Our ultimate goal, as we announced in April, is to make our offer available to all RLB N-Wien customers.” “However, the rollout will begin with their customers in Vienna,” a Bitpanda spokesperson stated.
Raiffeisen’s move into cryptocurrency is yet another sign of Bitcoin’s growing popularity, with companies such as Ferrari set to begin accepting cryptocurrency as payment in October 2023. Raiffeisen Bank is one of Europe’s oldest banks, with the first Raiffeisen bank opening in Mühldorf, Austria, in 1886. The Raiffeisen Group managed 247 billion Swiss francs ($280 billion) in assets and 219 billion CHF ($248 billion) in client loans as of 30 June 2023.
Conclusion
Raiffeisenlandesbank’s decision to offer Bitcoin trading services marks a significant milestone in the adoption of cryptocurrencies by traditional banking institutions. This move signals a growing recognition of the potential of digital assets to enhance financial services and cater to the evolving needs of consumers. As more banks embrace cryptocurrency integration, the landscape of finance is likely to undergo further transformation in the years to come.
