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Austria’s RLB NÖ-Wien Bank Allows Crypto Trading Using Bitpanda Tech

Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), an Austrian cooperative bank, has introduced a feature allowing its clients to engage in digital asset trading through their banking applications, leveraging the infrastructure provided by Bitpanda. This development marks a significant milestone for the cryptocurrency industry, with a prominent traditional bank like RLB NÖ-Wien embracing digital assets.

RLB NÖ-Wien, headquartered in Vienna, is part of the Raiffeisen Bankengruppe, a network of independent cooperative banks. Customers of the bank now have the capability to trade over 2,000 assets, including cryptocurrencies, stocks, ETFs, and precious metals, all from within their existing banking app, courtesy of Bitpanda.

Michael Höllerer, CEO of RLB NÖ-Wien, expressed that this joint offering with Bitpanda is a response to the growing demand for digital investment solutions and aligns with their strategy of prioritizing customer satisfaction. He sees this collaboration as a testament to their innovation in the financial market.

The integration of this new application allows retail customers to make direct investments from their bank accounts, and the entire project was successfully completed in just ten months, according to Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions.

Raiffeisen Bank Hints in 2023 of Crypto Trading Plans

In the previous year, Raiffeisen Bank of Austria indicated its intention to introduce cryptocurrency trading services in 2024, aligning itself with a wave of European banks venturing into the realm of digital asset custody.

This venerable 130-year-old bank unveiled its plans for this service in April, formally initiating the collaboration by signing a letter of intent with the crypto trading platform Bitpanda. At the time, the bank asserted that it would become the first traditional credit union in the European Union (EU) to incorporate cryptocurrencies into its suite of digital investment offerings.

Bitpanda, established in 2014, initially focused on facilitating the provision of stock, exchange-traded funds (ETFs), and crypto custody services to traditional banks and fintech companies, all within a regulated and compliant framework.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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