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Bitcoin at banks: Raiffeisenlandesbank to offer crypto investment services

All segments of RLB NÖ-Wien clients will be able to invest in a broad number of cryptocurrencies with a budget of as little as one euro.

Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), an Austrian cooperative banking company founded in 1900, is preparing to launch crypto investment services in collaboration with the Austrian crypto firm Bitpanda.

According to a joint announcement on April 26, RLB NÖ-Wien plans to provide its customers with a broad range of cryptocurrencies through Bitpanda’s Software as a service (SaaS) offering. Crypto investment will be featured alongside investment services for stocks, exchange-traded funds, precious metals and commodities.

“The deal with Bitpanda aims to expand our product range with an innovative, secure facet and enable all customers to easily accumulate wealth,” RLB NÖ-Wien CEO Michael Höllerer said.

A part of the major Austrian banking group, Raiffeisen Bank International, is moving into cryptocurrency investment with a new planned offering.

Bitpanda co-founder and CEO Eric Demuth (left) and RLB NÖ-Wien CEO Michael Höllerer (right). Source: Bitpanda

The new offer aims to allow RLB NÖ-Wien customers to invest in various assets regardless of the amount of available capital, enabling investments from as little as one euro.

Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad told Cointelegraph that RLB NÖ-Wien wants to make the new trading option available to all customer segments, including retail, private banking and corporate customers of RLB NÖ-Wien. He also said that both RLB NÖ-Wien and Bitpanda are committed to making crypto trading available as soon as possible, adding:

“Thanks to the way we have built Bitpanda Technology Solutions we are able to integrate our infrastructure quickly and safely, and plan to make trading available by the end of the year.”

Enzersdorfer-Konrad also noted that RLB NÖ-Wien’s upcoming new offering will feature the full range of Bitpanda’s digital asset offering, which includes over 2,500 assets, including Bitcoin (BTC) and Ether (ETH).

Related: China’s state-affiliated banks onboarding crypto companies in Hong Kong

RLB NÖ-Wien is a part of the Austrian Raiffeisen Bankengruppe grouping of independent cooperative banks, owning a 22.6% stake in Raiffeisen Bank International (RBI).

As previously reported, RBI has been experimenting with digital currency development. In 2020, the global Raiffeisen bank was building a platform for the national currency tokenization using blockchain technology. The bank is also known for participating in trade finance pilots involving R3’s Marco Polo blockchain network.

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