Raiffeisen Bank of Austria will roll out the crypto features for its retail customers, and they can start crypto trading in Vienna initially.
Raiffeisen Bank, an Austrian bank, has decided to initiate crypto trading services for its clients. The new crypto features would be available for its retail customers and could start within January 2024. It is tied with an exchange for crypto services. Curt Chadha, a bank official, spoke about the development recently.
He said the crypto trading features would first start in Vienna. Since it housed a majority of the population of Austria, the bank was starting there, he said. Further, Chadha said their customers could use the exchange’s services through the bank’s app. The trades would work exactly like inter-account transactions, he informed.
Europe’s Markets in Crypto-Assets Act has been responsible for multiple firms expanding their services. Several crypto exchanges could tie up with traditional institutions like banks and promote crypto adoption. Chadha reaffirmed that customers with small amounts to invest would benefit from their bank’s new crypto services. Since Raiffeisen Bank has millions of customers across Europe, the new crypto trading feature would also benefit the crypto industry.
Meanwhile, earlier this year, Raiffeisen Bank announced its partnership with the exchange. It said in a press release, “The offer is aimed at those customers of RLB NÖ-Wien who want to invest independently and digitally in stocks, ETFs, cryptocurrencies, precious metals, and raw materials – regardless of the amount of available capital and from just one euro.”
Crypto services from banks are not new. In the past, HSBC has launched crypto ETFs in Hong Kong. On the other hand, in Hong Kong, other banks like DBS and ZA Bank have been responsible for adding crypto services to their portfolio. With Raiffeisen Bank, the trend could spread in Europe.
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