- Austria’s Raiffeisen will integrate Bitpanda’s cutting-edge API-driven infrastructure which will feature the bank’s iconic branding, along with their design and technology.
- These services will be specifically for customers that are looking to invest across asset classes including crypto, ETFs, and commodities.
Bitcoin (BTC) and the broader cryptocurrency market have continued to show strength despite uncertainty in the global macros as well as the emerging banking crisis. In fact, traditional banking institutions are keen to increase their exposure to Bitcoin and other digital assets.
Austria’s leading banking group Raiffeisenlandesbank NÖ-Wien, becomes the first major bank in the European Union to offer cryptocurrency investment options to its customers. To achieve this, the Austrian bank has partnered with Bitpanda Technology Solutions.
Raiffeisen will be integrating Bitpanda’s cutting-edge API-driven infrastructure which will feature the bank’s iconic branding, along with their design and technology. The Vienna-based bank has a modern-thinking approach when it comes to offering regional and commercial banking services. Thus, it seeks to offer services for emerging financial instruments to its customers, with crypto being one of them. Michael Höllerer, General Director of Raiffeisenlandesbank NÖ-Wien said:
The examination of the partnership with Bitpanda is to add an innovative, secure facet to our product range and to enable all customers to easily accumulate wealth.
This partnership will also open the gates for Raiffeisen to offer crypto-derivative products to customers such as ETFs, and futures/options, in the future.
Addressing a wide category of customers
As said, the recent offer from Raiffeisen will address a wide range of customers of RLB NÖ-Wien who are willing to invest digitally and independently in ETFs, shares, digital assets, commodities, and precious metals. RLB NÖ-Wien noted that they are just catering to the needs and demands of today’s customers.
As per the study conducted by the Austrian banking giant, they chose Bitpanda since 29 percent of 20 to 39-year-olds are already purchasing securities through this platform. Bitpanda CEO Eric Demuth explains:
The financial market is complex and sometimes exclusive. However, we aim to make investing accessible to everyone. It is about simple, intuitive products that do not require a user manual. With Bitpanda Technology Solutions you have we have created a software-as-a-service infrastructure that enables our partner banks to offer their customers all assets digitally. Rounded off by regulated and secure custody of all assets. We look forward to our common path.
The strong recovery in Bitcoin and the crypto market this year in 2023 have made banks rethink their crypto strategy. Raiffeisen is not the first bank to bet on the crypto’s future. Recently, Standard Chartered analysts gave a bullish call on Bitcoin, expecting the crypto to touch $100,000 in the next 18 months by the end of 2024.
Another major Swiss bank Syz Bank has decided to invest $50 million in Bitcoin and other digital assets through its crypto Swiss fund.
