Raiffeisen Bank To Offer Retail Crypto Trading via Bitpanda in Vienna

• Austria’s Financial Market Authority (FMA) and Germany’s BaFin both oversee Bitpanda.
• Bitpanda, a crypto exchange, signed a memorandum of intent with the bank earlier this year.

Curt Chadha, the bank’s head of innovation stated:

“We are starting in Vienna where about a quarter of Austria’s population lives.” 

Targeting Retail Clients

With $215 billion in assets and 17.8 million clients in the EU and Eastern Europe, the bank’s decision is another indication that crypto adoption is picking up steam, especially in regions where regulatory clarity is developing.

Chadha further added:

“The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same security customers are used to.”

According to Chadha, unlike the products of other banks, which are geared at affluent people with millions to invest, this service is designed for clients who are digitally adept but may only wish to make a little contribution.

In 2020, the global Raiffeisen bank began building a blockchain-based platform for the tokenization of national currency. The bank’s trade finance experiments using R3’s Marco Polo blockchain network are additional evidence of its dedication to innovation.

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