Austrian Bank Raiffeisen to Launch Crypto Trading Services
The Austrian subsidiary of European lender Raiffeisen Bank is preparing to allow its clients to trade cryptocurrencies like Bitcoin (BTC) in the coming months. After initially announcing its crypto plans in April 2023, Raiffeisen Bank’s Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is moving forward with a crypto rollout in collaboration with the Austrian crypto firm Bitpanda.
Rollout of Crypto Trading Services
RLB NÖ-Wien expects to start rolling out crypto trading services in Vienna in the first quarter of 2024. The bank has signed a cooperation agreement with Bitpanda and plans to offer an attractive digital investment platform early next year. The goal is to meet the demand from customers for easy and intuitive digital investment platforms.
Access to Cryptocurrencies
With the crypto rollout, RLB NÖ-Wien users will gain access to all cryptocurrencies provided by Bitpanda. The initial phase of the rollout will focus on customers in Vienna, with plans to eventually expand the offering to all RLB NÖ-Wien customers.
Bitcoin’s Growing Adoption
Raiffeisen Bank’s move into crypto is another sign of Bitcoin’s growing adoption. This comes after companies like Ferrari started accepting cryptocurrency as payment in October 2023. Raiffeisen Bank, one of the oldest banks in Europe, was established in Austria in 1886. As of June 30, 2023, the Raiffeisen Group had significant assets under management and client loans.
Hot Take: Raiffeisen Bank Embraces Crypto Trading Services
Raiffeisen Bank’s decision to launch crypto trading services reflects the increasing acceptance of cryptocurrencies in the financial industry. By partnering with Bitpanda, the bank aims to provide its customers with an easy and intuitive digital investment platform. This move highlights the growing adoption of Bitcoin and signifies a shift towards mainstream integration of cryptocurrencies. As more established institutions like Raiffeisen Bank enter the crypto market, it further legitimizes the industry and paves the way for wider acceptance and usage.
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