On April 26, 2023, Austrian crypto company Bitpanda announced its partnership with Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), an Austrian cooperative banking firm, to offer cryptocurrency investment services to the bank’s customers.
RLB NÖ-Wien will leverage Bitpanda’s Investment as a Service (IaaS) offering to provide a range of cryptocurrency services, including exchange-traded funds, precious metals, commodities, and stocks, as investment alternatives to its customers. This will allow clients to invest in a variety of assets, regardless of their available capital, with investments as low as one euro.
Michael Höllerer, the CEO of RLB NÖ-Wien, stated that the partnership with Bitpanda is intended to broaden their product offerings and make it easy for all clients to accumulate wealth.
Bitpanda also praised RLB NÖ-Wien for adopting a progressive outlook towards contemporary regional and commercial banking services. The company stated that the bank has an objective similar to theirs of empowering clients to seize control of their financial destiny.
This move makes RLB NÖ-Wien the first major traditional bank in the European Union to enter the digital assets space. RLB NÖ-Wien is one of the independent cooperative banks under the Austrian Raiffeisen Bankengruppe, which also holds a 22.6% share in Raiffeisen Bank International (RBI). In 2020, RBI developed a blockchain-based platform for the tokenization of national currencies as part of its ongoing investigation into the development of digital currencies.
Meanwhile, Bitpanda recently teamed up with Visa to provide cryptocurrency trading and custody services to banks and fintech companies through Visa’s fintech partner connect programme. Through this partnership, Visa’s partners can offer their customers quick access to trading and investment services for a variety of assets, including cryptocurrency, stocks, ETFs, precious metals, and commodities, by integrating with Bitpanda’s investment infrastructure solutions.
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