Raiffeisen Bank will allow retail customers to trade cryptocurrency through the Bitpanda exchange

The service will initially be available to residents of Vienna

23.11.2023 - 11:55

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What’s new? Austria’s Raiffeisen Bank is partnering with local crypto exchange Bitpanda to launch a digital asset trading service for retail customers by February next year. It will initially be available for residents of Vienna. Customers will be able to access Bitpanda via the Raiffeisen mobile app and confirm cryptocurrency transactions similar to bank transfers with the appropriate level of security.

CoinDesk’s material

What else is known? Founded in 2014 in Vienna, Bitpanda is regulated by the Austrian Financial Market Authority (FMA) and the German Federal Financial Supervisory Authority (BaFin) and acts as a provider for other companies to provide trading, investment, and custody services related to stocks, exchange-traded funds (ETFs), precious metals, commodities, and cryptocurrencies.

Last September, German bank N26 also launched a cryptocurrency trading service via a mobile app in cooperation with Bitpanda. As with Raiffeisen, Bitpanda is responsible for executing trades and storing coins.

This month, Santander Private Bank launched a BTC and ETH trading service for large clients in Switzerland, with other cryptocurrencies that meet the bank’s criteria to be added later. Switzerland’s leading bank SGKB also launched storage and trading services for the two largest cryptocurrencies in early November.

Earlier, the largest British bank HSBC announced that in 2024 it would launch a service for storing tokenized securities for institutional clients in cooperation with Ripple’s subsidiary.

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