Raiffeisen Bank International to Offer Crypto Services to Clients

In a bold move towards embracing digital assets, Raiffeisen Bank International is set to introduce cryptocurrency trading options for its clients starting in January 2024. Initially launched in Vienna, Austria, the services will extend to other regions subsequently.

This initiative comes as a result of a partnership with the cryptocurrency platform Bitpanda. The collaboration, signed earlier this year, aims to facilitate easy access for Raiffeisen Bank International's clients to trade cryptocurrencies seamlessly. Kurt Chadha, the head of innovations at Raiffeisen Bank International, expressed, "We're commencing in Vienna, home to a quarter of Austria's population."

Clients can access Bitpanda through Raiffeisen's mobile application, simplifying the trading process. Confirming cryptocurrency transactions will mirror traditional banking methods, ensuring a familiar and secure experience for users.

With assets totaling around $215 billion and a customer base of 17.8 million across the European Union and Eastern Europe, Raiffeisen Bank International's move into cryptocurrency services signals the increasing adoption of digital assets within the EU, according to analysts.

Chadha emphasized that these services are tailored for clients well-versed in digital currencies. Raiffeisen aims to provide investment opportunities for those seeking to invest smaller sums, differing from other financial institutions that cater predominantly to high-net-worth individuals.

Bitpanda, established in 2014, operates under the supervision of financial regulators FMA in Austria and BaFin in Germany. The platform enables companies to offer trading, investment, and custodial services for stocks/ETFs, cryptocurrencies, precious metals, and commodities.