Austrian bank gets started with crypto trading – Metaverseplanet.net

Raiffeisen Financial institution, a longtime banking establishment in Austria with a 97-year historical past, is about to enterprise into the realm of cryptocurrency buying and selling for retail buyers beginning January 2024. To facilitate this new service, the financial institution has partnered with Bitpanda, a crypto change primarily based in Vienna.

Initially, Raiffeisen Financial institution will launch its cryptocurrency companies completely in Vienna, the capital of Austria, the place roughly one-quarter of the nation’s inhabitants resides.

This transfer follows a letter of intent signed earlier this yr between the financial institution and Bitpanda. With an asset administration portfolio of round $215 billion throughout the European Union and Jap Europe, Raiffeisen Financial institution is a big participant within the area’s monetary sector.

Curt Chadha, the Head of Innovation at Raiffeisen Financial institution, outlined the operational elements of this new service. He defined that prospects in Vienna would be capable of entry Bitpanda’s crypto buying and selling platform straight by means of the Raiffeisen cell app.

This integration will enable purchasers to conduct transactions in cryptocurrencies as seamlessly as conventional account-to-account financial institution transfers. Chadha emphasised that the service is especially geared toward these prospects all in favour of making smaller-scale investments.

Bitpanda, based in 2014 and likewise headquartered in Vienna, brings regulatory credibility to this partnership. The crypto change has secured regulatory approvals from each the Monetary Market Authority (FMA) in Austria and the Federal Monetary Supervisory Authority (BaFin) in Germany.

This collaboration between Raiffeisen Financial institution and Bitpanda marks a big step in bridging conventional banking companies with the burgeoning world of cryptocurrencies.