Wednesday

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<p class="has-drop-cap">Raiffeisenlandesbank (RLB) NÖ-Wien, an Austrian lending unit of the 96-year-old banking group, signed a letter of intent to cooperate with crypto exchange Bitpanda to offer digital asset investment opportunities. According to <a aria-label="Bitpanda’s announcement (opens in a new tab)" href="https://blog.bitpanda.com/en/european-first-raiffeisenlandesbank-partners-bitpanda-offer-digital-asset-investment" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Bitpanda’s announcement</a>, the move makes RLB the first traditional European bank to foray into digital assets.</p> 
<h3 id="the-deal-s-assessment-to-be-completed-by-the-end-of-2023">The Deal’s Assessment to be Completed by the End of 2023</h3> 
<p>Digital asset service platform Bitpanda has teamed up with Raiffeisen Bank’s Vienna-based unit to offer crypto services to the bank’s customers, according to a <a aria-label="Wednesday announcement (opens in a new tab)" href="https://www.raiffeisen.at/noew/rlb/de/meine-bank/presse/presseaussendungen/rlb-noe-wien-prueft-kooperation-mit-bitpanda-zu-digitalem-veranl.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Wednesday press releas</a><a href="https://www.raiffeisen.at/noew/rlb/de/meine-bank/presse/presseaussendungen/rlb-noe-wien-prueft-kooperation-mit-bitpanda-zu-digitalem-veranl.html" target="_blank" aria-label="Wednesday announcement (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">e</a>. The two companies have signed a letter of intent to collaborate, while the offer’s evaluation process is expected to be completed by the end of 2023.</p> 
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 <p>“We’re pleased to announce that Raiffeisenlandesbank NÖ-Wien, which forms part of Austria’s leading banking group, has become the first major traditional bank in the European Union to move into digital assets through a planned collaboration with Bitpanda Technology Solutions.”</p> <cite>– Bitpanda said in the blog post. </cite>
</blockquote> 
<p>Through <a aria-label="Bitpanda’s infrastructure (opens in a new tab)" href="https://blog.bitpanda.com/en/security-bitpanda-how-we-continue-raise-bar-crypto-industry" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Bitpanda’s infrastructure</a>, clients of the RLB NÖ-Wien – one of the first traditional banks in Europe – will access cryptocurrencies and other asset classes within the bank’s digital investment offering. The new offering targets RLB’s customers looking to make independent, digital investments in cryptocurrencies, stocks, exchange-traded funds (ETFs), and precious metals and commodities. Those who want to invest can do that with just one euro and without minimum capital requirements.</p> 
<p>Founded in 2014, Bitpanda is a cryptocurrency and fintech platform that allows users to buy, sell, and trade cryptocurrencies, fiat currencies, commodities, and individual stocks and ETFs through the company’s new initiative – Bitpanda Stocks. Last year, the exchange <a href="https://tokenist.com/london-based-plums-app-extends-crypto-trading-services-to-europe/" rel="dofollow" class="deco-link">teamed up</a> with UK fintech firm Plum to help offer digital asset services in several EU countries.</p> 
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<h3 id="a-boost-for-poor-crypto-adoption-among-european-lenders">A Boost for Poor Crypto Adoption Among European Lenders</h3> 
<p>RLB’s agreement with Bitpanda marks a significant step forward for crypto adoption among traditional lenders in Europe. Earlier this year, the European Central Bank (ECB) <a aria-label="published a survey (opens in a new tab)" href="https://www.bankingsupervision.europa.eu/ecb/pub/pdf/Takeaways_horizontal_assessment~de65261ad0.en.pdf" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">published a survey</a> revealing that regional lenders barely engage in crypto-related activities. However, some in the crypto industry are hopeful that the recently-approved landmark regulation could spur institutional adoption in the bloc.</p> 
<p>In contrast, several traditional US banks have been actively involved in the crypto industry. Those include Wall Street giants Morgan Stanley, Goldman Sachs, Citigroup, and JPMorgan Chase, which has developed its <a href="https://tokenist.com/jp-morgan-announces-web3-digital-identity-and-wallet-solution-under-development/" rel="dofollow" class="deco-link">blockchain network</a>, Onyx.</p> 
<p>As a result, institutional crypto adoption in the US has risen over the past year or so, despite the severe market downturn. However, the recent closures of the top two US crypto banks, <a href="https://tokenist.com/crypto-friendly-silvergate-bank-to-be-liquidated-by-parent-company/" rel="dofollow" class="deco-link">Signature Bank</a> and Silvergate, could slow future adoption.</p> 
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<p><em><strong>Why do you think EU banks’ activity in crypto has been so tepid so far? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/raiffeisen-bank-unit-partners-with-bitpanda-to-offer-crypto-trading/">Raiffeisen Bank Unit Partners With Bitpanda to Offer Crypto Trading</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Raiffeisen Bank Unit Partners With Bitpanda to Offer Crypto Trading

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