Apr 26, 2023

Austrian Banking Giant Launches Crypto Investment Services

Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien), an Austrian cooperative banking company founded in 1900, is set to enter the web3 space with a new offering in collaboration with the Austrian crypto firm Bitpanda.

The two companies announced on April 26 that RLB NÖ-Wien plans to provide its customers with a range of crypto investment services through Bitpanda’s software as a service (SaaS) platform. This new offering will join RLB NÖ-Wien’s existing portfolio of stocks, exchange-traded funds, precious metals and commodities.

“We want to give our customers the opportunity to easily accumulate wealth,” said RLB NÖ-Wien CEO Michael Höllerer, “so the deal with Bitpanda is a great way to expand our product range with an innovative, secure facet.”

The new offer will allow RLB NÖ-Wien customers to invest in various digital assets, regardless of the amount of available capital. Investors can begin with as little as one euro.

Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad noted that the new service will be available to all customer segments — retail, private banking and corporate customers of RLB NÖ-Wien. He also said that both RLB NÖ-Wien and Bitpanda are committed to making crypto trading available as soon as possible, with a target date of the end of the year.

The new offering will feature the full range of Bitpanda’s digital asset offering, which consists of over 2,500 assets, including Bitcoin (BTC) and Ether (ETH).

RLB NÖ-Wien is a part of the Austrian Raiffeisen Bankengruppe grouping of independent cooperative banks, which owns a 22.6% stake in Raiffeisen Bank International (RBI). RBI has been experimenting with digital currency development for some time, and in 2020 the bank was building a platform for the national currency tokenization using blockchain technology. RBI also took part in trade finance pilots involving R3’s Marco Polo blockchain network.

The news of RLB NÖ-Wien’s upcoming crypto investment offering is a sign of the increasing adoption of digital assets in the financial sector. Cryptocurrencies are becoming increasingly popular as a form of investment, and the ability to invest in cryptocurrencies through a trusted banking institution is a major milestone in the development of the web3 space.

Furthermore, the partnership between RLB NÖ-Wien and Bitpanda opens up new opportunities for NFT promotion and marketing. The two companies can leverage their combined resources to create innovative NFT marketing campaigns and strategies to reach a wider audience. Bitpanda’s expertise in the crypto space and RLB NÖ-Wien’s extensive network of customers will be invaluable in helping to spread awareness of NFTs and their potential as an investment asset.

The collaboration between RLB NÖ-Wien and Bitpanda is a positive step towards mainstream adoption of cryptocurrencies, and it could pave the way for more financial institutions to offer crypto investment services in the future. It could also provide the perfect platform for NFT promotion and marketing, allowing NFTs to reach a larger audience and helping to drive the growth of the web3 space.

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