Crypto in the spotlight in Vienna: Raiffeisen and Bitpanda disrupt banking rules!

Raiffeisen, the Austrian bank, is pushing banking boundaries by becoming the first in Europe to offer direct investment into crypto assets via its mobile app. In partnership with Bitpanda, this forward step signifies the evolution of traditional banking towards cryptocurrencies. Starting January, clients in Vienna will be able to exchange various digital assets, thereby marking a new era in the convergence of traditional and decentralized finance in Europe.

Crypto at the Heart of a Banking Revolution in Vienna

Raiffeisen Bank has chosen to restrict freedoms by no longer accepting cash deposits or withdrawals from December 2022. A tough blow for cash enthusiasts in Germany. The Austrian bank is closing its last branches in a district of Frankfurt, heralding the end of cash transactions. An opening for bitcoin (BTC) and other cryptocurrencies? Apparently, yes.

Indeed, customers of the old Raiffeisen Bank just received a surprising update: goodbye traditional transactions, hello crypto assets! Thanks to its partner Bitpanda, the Austrian bank integrates crypto trading into its mobile app, according to CoinDesk. A turning point in traditional European finance, challenging emerging rules.

Viennese clients, the first initiates, can exchange over 2,000 digital assets. The 97-year-old bank, with 215 billion dollars in assets, is dancing to the rhythm of the crypto revolution. The alliance with Bitpanda opens a new era, blending tradition and digital innovation.

“As a reliable and secure partner, we adapt our products to the needs of our customers. The offer provided with Bitpanda meets the rising demand for digital investment solutions and is the consistent implementation of our customer-oriented strategy. Thanks to this collaboration, we position ourselves as pioneers and send a strong message to the financial markets,” comments Michael Höllerer, CEO of Raiffeisen Bank.

Raiffeisen and Bitpanda Change the Game in Austria

No more conventional transactions, it’s time for cryptos! This offer, integrated into the mobile app Mein ELBA, democratizes digital trading. Bitpanda, a secure and regulated platform, provides a transparent and secure experience.

“We believe that many banking clients are interested in cryptos, or at least curious but most are too fearful to invest. If you can do it directly through your bank, it will greatly facilitate access and cryptos will spread to more people. We are establishing an unprecedented standard for the banking sector,” explains Bitpanda CEO, Lukas Enzersdorfer-Konrad, to La Tribune.

Raiffeisen aims to attract the youth by positioning itself as a forerunner. While 29% of 20-39 year olds already invest online, the bank wants to facilitate wealth building, attracting crypto enthusiasts in a strong comeback.

The approval of a bitcoin ETF in the US by the SEC is stimulating this new momentum.