Austrian Bank RLB NÖ-Wien Enables Crypto Trading with Bitpanda
Starting today, Austrian cooperative bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is allowing clients to trade digital assets through their banking apps using Bitpanda infrastructure. This move is seen as a significant milestone for the crypto industry, as it marks the adoption of digital assets by a large traditional bank.
RLB NÖ-Wien, based in Vienna, is part of the Raiffeisen Bankengruppe and comprises a group of organized cooperative banks. With this new integration, customers will be able to trade over 2,000 assets, including cryptocurrencies, stocks, ETFs, and precious metals directly from their existing banking app.
The CEO of RLB NÖ-Wien, Michael Höllerer, expressed that this collaboration with Bitpanda aligns with their strategy of customer focus and positions them as innovators in the financial market.
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions, highlighted that the entire integration process was completed in just ten months.
Raiffeisen Bank’s Plans for Crypto Trading
In 2023, Raiffeisen Bank hinted at its intention to launch crypto trading services in 2024. The bank signed a letter of intent with Bitpanda to collaborate on offering digital asset custody services. The announcement positioned Raiffeisen Bank as the first traditional credit union in the European Union (EU) to include crypto within its digital investment offerings.
Bitpanda was established in 2014 and focuses on enabling traditional banks and Fintechs to provide regulated stock, ETF, and crypto custody services.
Hot Take: Embracing Digital Assets Signals Industry Advancement
The decision by RLB NÖ-Wien to enable crypto trading through their banking apps using Bitpanda technology is a significant milestone for the crypto industry. It demonstrates the increasing acceptance and adoption of digital assets by traditional financial institutions.
This move not only caters to the growing demand for digital investment solutions but also positions RLB NÖ-Wien as an innovator in the financial market. It sets a strong precedent for other banks to follow suit and embrace cryptocurrencies and other digital assets as part of their offerings.
By
By