In an official communication, Raiffeisen Bank Austria announced plans to introduce crypto trading features on its platform. The proposed development aims to enable retail customers to buy and sell their crypto assets from 2024.
In an earlier announcement, Raiffeisen Bank and the prominent crypto firm Bitpanda joined forces to allow the lending platforms to trade their digital assets. After a lengthy discussion, the two signed the letter of intent outlining their pivotal role in increasing crypto adoption in Austria.
Raiffeisenlandesbank to Introduce Crypto Services from 2024
A statement from the Raiffeisen Bank spokesperson projected that the two companies will establish a digital investment platform in Q1 of 2024. The spokesperson confessed that the decision to develop the trading platform for digital assets emanated from the growing demand for cryptos.
The need to meet the market demand and support Raiffeisen’s customer-centric culture forced the bank to take decisive action to launch a digital investment platform. He believes that collaborating with the best-performing fintech company in Vienna will provide customers with a wide range of crypto.
An exclusive interview with the head of innovation at Raiffeisen Bank, Curt Chadha, confirmed that the crypto initiative will be rolled out in phases. Firstly, the financial institution will roll out crypto trading to Vienna residents since the region ranks among the most populated cities in Austria.
Chadha explained that through the partnership with Bitpanda, the customers will access crypto services through the Raiffeisen mobile application.
Strategies Used to Increase Crypto Adoption
The executive confirmed that the 97-year-old bank aims to meet the needs of the growing digital-savvy population seeking to invest a measurable amount in crypto. Unlike other commercial banks in the region, Chadha noted that most financial institutions are driven by the urge to maximize profits; hence, crypto assets are only offered to wealthy investors.
Elsewhere, the deputy CEO at Bitpanda Enzersdorfer-Konrad stated that the collaboration with Raiffeisen aimed to support issuing 2500 crypto assets offered by the crypto firm. The official was pleased to state that Raiffeisen plans to become a Bitcoin-friendly bank in Europe.
Enzersdorfer-Konrad highlighted that the bank anticipates providing a complete suite of crypto assets that blends well with the needs of retail and corporate clients.
The executive retaliated that the primary objective of the collaboration was to meet the needs of the Raiffeisenlandesbank Niederösterreich-Wien customers. The Raiffeisen’s latest development aims to push for mainstream crypto-asset adoption in the region.
Remarkably, Raiffeisen joins a string of firms seeking to increase the usage of crypto assets. In October, Ferrari revealed plans that the car maker will allow customers to make payments through crypto.