RLB NÖ-Wien, with the support of the Bitpanda exchange, plans to offer its customers the opportunity to purchase Bitcoin and other digital assets. This is another such European institution looking positively towards the adoption of cryptocurrencies.
Cryptocurrencies are conquering Austria
According to the April 26 announcement, RLB NÖ-Wien plans to offer its customers a wide selection of cryptocurrencies through a modern software as a service (SaaS) provided by Bitpanda. Investments in cryptocurrencies will be available alongside traditional investment services such as stocks, exchange-traded funds, precious metals and commodities.
“With the agreement with Bitpanda, we intend to expand our product offerings with innovative and secure solutions, enabling our clients to build their wealth with ease,” – RLB NÖ-Wien CEO Michael Höllerer said.
Raiffeisenlandesbank Niederösterreich-Wien, part of the international Raiffeisen Bank International Group, joins a growing number of financial institutions that offer cryptocurrency investments to their customers, giving them the opportunity to invest in a variety of assets from as little as one euro.
Wide range and easy access for everyone
The bank will have access to more than 2,500 digital assets, including Bitcoin and Ethereum, which will be obtainable by retail customers, as well as in private and corporate banking.
Bitpanda’s deputy CEO Lukas Enzersdorfer-Konrad confirmed that as part of the partnership, Bitpanda Technology Solutions will allow quick and secure infrastructure integration, enabling the service to be launched later this year.
RLB NÖ-Wien CEO Michael Höllerer said:
“We want to enable customers to easily accumulate wealth, and cryptocurrency investments are an important option in this regard.”
European banks enter crypto market en masse
RLB NÖ-Wien, an Austrian cooperative bank, is part of the Raiffeisen Bankengruppe group, which holds a 22.6% stake in Raiffeisen Bank International (RBI).
In 2020, the bank developed a platform to tokenize the national currency using blockchain technology. RBI also participated in a pilot program for trade finance using the Marco Polo blockchain network, which was developed by R3. This blockchain development strategy is in line with a global trend in which financial institutions are seeking to harness the potential of technology to improve the efficiency of their operations and provide security for customers.
The RBI’s efforts are also part of a massive adoption of cryptocurrencies by European banks to facilitate customer access to the market. This adoption is highly advanced in Switzerland, for example, where four entities have already declared or even implemented similar measures. They are Post Finance, Swissquote, Bordier and Syz Bank.