Retail customers will have access to cryptocurrency trading services by the end of January 2024, according to Raiffeisen Bank International in Austria.
With the help of cryptocurrency exchange Bitpanda, which earlier this year signed a letter of intent with the bank, the 97-year-old bank will initially offer the service to its customers in Vienna, where its headquarters are located.
“We are starting in Vienna where about a quarter of Austria’s population lives,” Curt Chadha, the bank’s head of innovation, said in an interview. “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 sort of security customers are used to.”
The action taken by the bank, which has 17.8 billion users and $215 billion in assets in the European Union and Eastern Europe, is another indication that the use of cryptocurrencies is growing, especially in areas where regulations are becoming more clear.
In contrast to services from other banks, which are targeted at rich individuals with millions to invest, Chadha said the service is intended for customers who are digitally adept but may only wish to make a little contribution.
Established in 2014, Bitpanda allows companies to provide regulated trading, investment, and custody services for stocks/ETFs, cryptocurrencies, precious metals, and commodities. It is governed by the FMA in Austria and the BaFin in Germany.