Raiffeisen Bank’s Vienna branch has partnered with Bitpanda to provide cryptocurrency trading services to its clients.
This move will make Raiffeisen the first traditional bank in the European Union to offer digital investment services that include cryptocurrencies and other asset classes.
According to Raiffeisen Vienna CEO Michael Höllerer, the collaboration with Bitpanda is intended to expand their product range.
Raiffeisen plans to leverage Bitpanda’s trading infrastructure to quickly and securely achieve their goals.
In today’s rapidly changing business environment, companies can only remain competitive by offering the best products, as noted by Bitpanda CEO Eric Demuth.
The European Parliament recently approved the European Union Cryptocurrency Regulation (MiCA) bill, which aims to establish clear industry standards and protect cryptocurrency investors.
MiCA comes almost five months after the FTX crash, and it is designed to prevent such incidents from recurring.
Additionally, lawmakers have endorsed a separate measure requiring virtual asset service providers (VASPs) to verify their customers’ identities when transferring funds, in order to prevent money laundering.