May 28, 2023

Raiffeisen Bank will start providing cryptocurrency trading services

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Raiffeisen Bank will start providing cryptocurrency trading services

The Vienna branch 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 EU to include cryptocurrencies and other asset classes in its digital investment offering.

“The Bitpanda deal is aimed at expanding the range of our products,” said Michael Höllerer, CEO of Raiffeisen Vienna.

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

“Companies are only competitive in this rapidly changing environment when 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 set clear standards for the industry and protect crypto investors.

The bill came almost five months after the infamous FTX crash, so MiCA aims to prevent such situations from happening.

Politicians also supported a separate law,which requires virtual asset service providers (VASPs) to identify their customers making any transfer of funds in order to prevent money laundering.