Austria’s Raiffeisen Bank to Roll Out Crypto Trading for Retail Customers in January

Crypto MARKET_WATCH

Austria’s Raiffeisen Bank will roll out cryptocurrency trading services to retail customers by the end of January 2024. The service will initially be offered to customers in Vienna, where the 97-year-old bank is headquartered, and be provided in association with cryptocurrency exchange Bitpanda, which signed a letter of intent with the bank earlier this year.

“We are starting in Vienna where about a quarter of Austria's population lives,” Curt Chadha, the bank’s head of innovation, said in an interview. “The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same sort of security customers are used to.”

The move by the bank, which has some $215 billion in assets and 17.8 million customers across the European Union and eastern Europe, is another sign of crypto adoption ramping up, particularly in jurisdictions where clarity around rules is emerging.

Chadha said the service is aimed at customers who are digital savvy, but perhaps only want to make a small investment, as opposed to offerings from other banks, which are aimed at wealthy individuals with millions to invest.

Bitpanda, which was founded in Vienna in 2014, is under the supervision of the FMA in Austria and BaFin in Germany, and enables firms to offer regulated trading, investment, and custody services for stocks/ETFs, cryptocurrencies, precious metals, and commodities.

Source : CoinDesk / Nov 23, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.