The Austrian subsidiary of European bank Raiffeisen Bank is preparing to allow its customers to trade cryptocurrencies such as Bitcoin (BTC) in the coming months.
After initially announcing its cryptocurrency plans in April 2023, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), a unit of Raiffeisen Bank, is partnering with Austrian cryptocurrency company Bitpanda to advance the launch of the cryptocurrency.
An RLB NÖ-Wien spokesperson told Cointelegraph that the bank expects to launch cryptocurrency trading services in Vienna starting in the first quarter of 2024.
“Raiffeisenlandesbank NÖ-Wien has signed a cooperation agreement with Bitpanda. Through this cooperation, we plan to offer an attractive digital investment platform in early 2024.” said the representative, adding:
“We saw customer demand for a simple, intuitive, digital investing platform. Our primary intention to take customer-centric decisions sparked these efforts, and we are excited to bring them to market.”
An RLB NÖ-Wien spokesperson said that with the launch of cryptocurrencies, RLB NÖ-Wien users will have access to all cryptocurrencies offered by the bank’s partner Bitpanda.
Bitpanda deputy CEO Lukas Enzersdorfer-Konrad previously told Cointelegraph that Raiffeisen’s crypto products will support Bitpanda’s full range of digital asset products, which includes more than 2,500 cryptocurrencies, including Bitcoin and Ethereum (ETH). The executive also said that Raiffeisen is willing to offer cryptocurrency trading services to all customer segments, including retail, private banking and corporate clients.
“As we announced in April, the ultimate goal is to make our services available to all RLB NÖ-Wien customers. However, the rollout will start with customers in Vienna,” a Bitpanda spokesperson noted.
related: Top Swiss Bank and SEBA Launch Bitcoin, Ethereum Trading
Raiffeisen’s foray into cryptocurrency is another sign of Bitcoin’s growing popularity, in addition to companies like Ferrari starting to accept cryptocurrencies as a form of payment in October 2023. Raiffeisen Bank is one of the oldest banks in Europe, with the first Raiffeisen Bank emission Founded 1886 in Mühldorf, Austria. As of June 30, 2023, the Raiffeisen Group had assets under management of CHF 247 billion ($280 billion) and loans to customers of CHF 219 billion ($248 billion).
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