In a recent announcement, the Raiffeisenlandesbank Niederosterreich-Wien (RLB NO-Wien) detailed its intentions to foray into the realm of bitcoin investing services. The Austrian cooperative banking institution, which was established in 1900 and now has a 22.6% interest in Raiffeisen Bank International (RBI), has decided to launch its new service in collaboration with the Austrian cryptocurrency startup Bitpanda.
Customers of RLB NO-Wien will be able to invest in a variety of assets, including digital assets such as Bitcoin and Ether, thanks to the launch of a new crypto investing service. Customers will also continue to have access to investment services for equities, exchange-traded funds, precious metals, and commodities. The software as a service (SaaS) product that Bitpanda has will be the vehicle through which the service will be delivered.
The Chief Executive Officer of RLB NO-Wien, Michael Hollerer, said that the purpose of the relationship with Bitpanda is to broaden their product offering by including a cutting-edge, risk-free component that would make it simpler for all consumers to amass money. By the end of the year, Bitpanda’s technological infrastructure will have been swiftly and securely linked, making possible the availability of trading.
The new service will also include Bitpanda’s whole inventory of digital assets, which totals over 2,500 different assets and consists of cryptocurrencies such as Bitcoin and Ether. Customers will have the ability to invest in a wide variety of assets, notwithstanding the amount of cash that is now accessible, with investments possible to begin with as little as one euro.
The expansion of Raiffeisen Bank International into the realm of digital currency development includes a move into the provision of investment services for cryptocurrencies. In the year 2020, the bank was in the process of constructing a platform for the tokenization of the national currency utilizing blockchain technology. In addition to this, the bank is well-known for its involvement in trade financing pilot projects leveraging R3’s Marco Polo blockchain network.
In general, the collaboration between RLB NO-Wien and Bitpanda sheds light on the expanding interest that conventional financial institutions have in the provision of bitcoin investment services. It is possible that we will witness a surge in the adoption and public acceptance of digital assets as more financial institutions join the bitcoin industry.
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