Austria’s Raiffeisen Bank to Launch Crypto Trading Services in 2024
Austria’s Raiffeisen Bank has announced plans to launch crypto trading services in 2024, making it one of several European banks entering the digital asset custody business. The bank signed a letter of intent with crypto trading platform Bitpanda in April to collaborate on the offering. Raiffeisen Bank aims to be the first traditional credit union in the European Union (EU) to include crypto in its digital investment offering. Initially, the service will only be available to retail customers in Vienna. The bank’s head of innovation, Curt Chadha, stated that customers can access Bitpanda through the Raiffeisen app and trade with familiar security measures.
Raiffeisen Bank’s Expansion and Competition
Raiffeisen Bank has a customer base of 16.7 million across Austria and Central and Eastern Europe, with $224 billion in assets under management. Its entry into crypto custody follows Commerzbank becoming the first full-service bank in Germany to receive a crypto custody license and HSBC’s announcement of launching crypto custody for tokenized securities next year. The regulatory environment in Europe has become more favorable for traditional financial institutions entering the crypto space.
The Importance of Regulation
Lawmakers and regulators in Europe have been working towards creating a regulated financial industry for cryptocurrencies, providing a more welcoming environment for legacy financial players. Bitpanda, Raiffeisen Bank’s partner, launched with a focus on enabling traditional banks and Fintechs to offer regulated stock, ETF, and crypto custody services. Both Bitpanda and Raiffeisen Bank emphasize the importance of regulatory compliance for the long-term success of the crypto industry.
Hot Take: Vienna-Based Raiffeisen Bank Expands Services to Include Crypto Trading
Austria’s Raiffeisen Bank is making a bold move by launching crypto trading services in 2024. By partnering with Bitpanda, the bank aims to be a pioneer in offering crypto within its digital investment offerings. This expansion comes as other European banks, such as Commerzbank and HSBC, are also entering the crypto custody business. The regulatory landscape in Europe has become more favorable for traditional financial institutions to embrace cryptocurrencies. Raiffeisen Bank’s entry into crypto trading demonstrates the growing acceptance and adoption of digital assets by established players in the financial industry.
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