April 21, 2024

Raiffeisen Bank will start providing cryptocurrency trading services

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Raiffeisen Bank will start providing cryptocurrency trading services

The Vienna division of Raiffeisen Bank, in cooperation with Bitpanda, is going to provide its clients with cryptocurrency trading services.

Raiffeisen plans to become the first traditional bank in the European Union to include cryptocurrencies and other asset classes in its digital investment offering.

“The deal with Bitpanda is aimed at expanding our product range,” said Raiffeisen Vienna CEO Michael Höllerer.

According to Raiffeisen, the Bitpanda platform will provide the trading infrastructure to quickly and securely realize this goal.

“Companies are only competitive in this rapidly changing environment if they offer the best products,” said Bitpanda CEO Eric Demuth.

Earlier in April, the European Parliament approved the EU Cryptocurrency Regulation Bill (MiCA), which will establish clear standards for the industry and protect cryptocurrency investors.

The bill's approval came almost five months after the infamous FTX crash, so MiCA aims to prevent similar situations.

Politicians also supported  separateA law requiring virtual asset service providers (VASPs) to identify their customers making any fund transfers to prevent money laundering.