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Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), an Austrian cooperative banking company founded in 1900, announced its collaboration with the Austrian crypto firm Bitpanda to launch crypto investment services.
A huge step forwards for crypto adoption in the European Union: Raiffeisenlandesbank has chosen to partner with Bitpanda to examine offering digital assets through Bitpanda Technology Solutions. pic.twitter.com/mPB8O2uR9E
— Bitpanda (@Bitpanda_global) April 26, 2023
RLB NÖ-Wien plans to use Bitpanda’s software as a service (SaaS) offering to provide its customers with a wide range of cryptocurrencies alongside investment services for stocks, exchange-traded funds, precious metals, and commodities. Michael Höllerer, CEO of RLB NÖ-Wien, stated that the partnership with Bitpanda aims to expand the company’s product range with an innovative and secure aspect, enabling all customers to accumulate wealth quickly.
Raiffeisen Bank International’s RLB NÖ-Wien to Provide Crypto Investment Services with Bitpanda
The move marks a new offering for Raiffeisen Bank International, a prominent Austrian banking group. RLB NÖ-Wien has announced a new offer in collaboration with Bitpanda, allowing customers to invest in various assets with as little as one euro.
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.
This offer will be available to all customer segments, including retail, private banking, and corporate customers. The aim is to make crypto trading available as soon as possible, with plans to launch by the end of the year. The offering will feature the full range of Bitpanda’s digital assets, including Bitcoin.
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.
RLB NÖ-Wien is part of the Austrian Raiffeisen Bankengruppe, which owns a 22.6% stake in Raiffeisen Bank International (RBI). RBI has been experimenting with digital currency development and is building a platform for national currency tokenization using blockchain technology in 2020. The bank has also participated in trade finance pilots involving R3’s Marco Polo blockchain network.
Bitcoin as an Alternative Financial System in Africa
Block CEO Jack Dorsey and his team made headlines recently as they attended the Africa Bitcoin Conference in Accra to discuss the potential benefits of Bitcoin as an alternative to the continent’s current financial system. This virtual currency has often been associated with negative connotations, such as being a tool for illegal activities, a form of gambling, or an overly complex toy for tech enthusiasts.
However, Dorsey and his team argue that Bitcoin offers a lifeline to unbanked individuals, providing a way to access the financial system in countries where national currencies are unreliable, remittances make up a significant portion of GDP, and international sanctions complicate global connections.
Despite regulatory concerns, they maintain that Bitcoin empowers those who would otherwise have no financial power and that there is a market for Bitcoin in every corner of the world.
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