96-year-old Austrian bank offers crypto investment services using Bitpanda

by Arthur · April 26, 2023

Austrian bank Raiffeisenlandesbank NÖ-Wien is making a bold move, partnering with Bitpanda to reportedly get ready to become one of the first major EU banks to offer crypto assets to its customers.

Raiffeisenlandesbank NÖ-Wien is an Austrian cooperative bank that operates in the regions of Lower Austria and Vienna. It is part of the larger Raiffeisen Bank International (RBI) group, which is one of the largest banking groups in Central and Eastern Europe. Raiffeisenlandesbank NÖ-Wien offers a range of banking and financial services to its customers, including savings and current accounts, loans, mortgages and investment products.

Bitpanda is a cryptocurrency exchange and broker based in Vienna, Austria. Founded in 2014, it has since become one of the leading cryptocurrency platforms in Europe, with over 4 million users. Bitpanda allows users to buy, sell, and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and XRP, among others. It also offers a number of other services, including a digital wallet, a debit card and a cryptocurrency savings plan.

According to a Bitpanda blog post published earlier today, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), a prominent Austrian bank, has partnered with Vienna-based Bitpanda GmbH, a leading investment and trading platform.

Bitpanda says Bitpanda Technology Solutions, its digital Investment-as-a-Service (IaaS) solution, has enabled various FinTech startups and online platforms to offer investment options to millions of customers, making complex and exclusive financial markets more accessible.

The partnership with Bitpanda marks a significant step for RLB NÖ-Wien, as it could become one of the first traditional banks in the EU to include cryptocurrencies and other digital asset classes in its investment offerings. This move will be supported by Bitpanda’s API-driven, ISO 271001-certified infrastructure, tailored to incorporate Raiffeisen’s branding.

RLB NÖ-Wien’s decision to explore digital assets demonstrates its willingness to adapt and innovate in the evolving economic landscape. The bank’s partnership with Bitpanda aims to provide customers with more diversified investment options, including stocks, ETFs, cryptocurrencies, commodities and precious metals, with entry points as low as €1.

“The goal of Bitpanda is to add an innovative, secure facet to our product range and enable all customers to easily accumulate wealth,” said Michael Höllerer, director of Raiffeisenlandesbank NÖ-Wien.

Bitpanda’s Deputy CEO, Lukas Enzersdorfer-Konrad, told Cointelegraph that RLB NÖ-Wien intends to offer the new trading option to all customer segments, including retail, private banking and corporate customers. He emphasized the commitment of both RLB NÖ-Wien and Bitpanda to enable crypto trading as quickly as possible, stating:

“Because of the way we designed Bitpanda Technology Solutions, we can quickly and securely integrate our infrastructure, aiming to launch trading by the end of the year.“

Enzersdorfer-Konrad also mentioned that RLB NÖ-Wien’s upcoming offering will encompass the full range of Bitpanda’s digital asset selection, which includes over 2,500 assets.