Raiffeisen Bank’s Austrian subsidiary, RLB NÖ-Wien, is gearing up to introduce cryptocurrency trading services for its retail clients in the early months of 2024.
Strategic Collaboration with Bitpanda
Building on the initial announcement made in April 2023, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is actively collaborating with the Austrian cryptocurrency firm Bitpanda. This is to further to facilitate the seamless integration of crypto trading services.
The anticipated rollout of crypto trading services in Vienna is expected to commence in the first quarter of 2024. This is according to a spokesperson from RLB NÖ-Wien. Notably, the strategic partnership with Bitpanda aims to provide an attractive digital investment platform that aligns with the evolving needs of the market.
Customer-Centric Approach and Comprehensive Access to Cryptocurrencies
Addressing the rationale behind this strategic move, the spokesperson emphasized,
“We have seen the demand from customers for easy, intuitive, digital investment platforms. Our main intention to take customer-centric decisions has triggered these efforts, which we are excited about bringing to market.”
With the implementation of the crypto rollout, users of RLB NÖ-Wien will gain access to a diverse array of cryptocurrencies offered by Bitpanda. Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad highlighted that Raiffeisen’s crypto offering will encompass the full range of Bitpanda’s digital asset offerings. This will feature more than 2,500 cryptocurrencies, including Bitcoin and Ether.
Notably, Raiffeisen is committed to making the crypto trading service available to all customer segments. This includes retail, private banking, and corporate customers. The spokesperson for Bitpanda noted,
“As we announced in April, the end goal is to make our offer available to all RLB NÖ-Wien customers. However, the rollout will begin with their customers in Vienna.”
Significance of Raiffeisen’s Move into Crypto
This strategic move by Raiffeisen Bank reflects the increasing adoption of Bitcoin. Also, it aligns with the broader trend of companies, such as Ferrari, accepting cryptocurrency as payment. Raiffeisen Bank, established in 1886, stands as one of the oldest banks in Europe.
As of June 30, 2023, the Raiffeisen Group boasted 247 billion Swiss francs ($280 billion) in assets under management and 219 billion CHF ($248 billion) in client loans. This further underlines its strong position in the financial landscape.