Bitpanda taps Raiffeisen for Crypto service

Raiffeisen Bank’s Vienna-based unit is working with Bitpanda, a crypto exchange, to offer digital assets to the lender’s customers, according to a statement released on Wednesday. The two companies have signed a letter of intent to cooperate and are expected to complete the evaluation by the end of the year.

The examination of the partnership with Bitpanda aims to add a secure and innovative aspect to the bank’s product range, according to Michael Höllerer, the general director of Raiffeisenlandesbank NÖ-Wien. The move will make it easier for customers to accumulate wealth.

The European Central Bank published a survey in February that indicated that crypto activities among banks were insignificant, and that distributed ledger technology was barely used. However, analysts in both the traditional finance and crypto sectors are optimistic that a new European Union law, known as the Markets in Crypto Assets regulation, will encourage institutional adoption.

The cooperation between Raiffeisen and Bitpanda comes as cryptocurrencies continue to gain momentum and recognition in the mainstream finance sector. This follows news that PayPal plans to allow UK customers to buy and sell cryptocurrencies, and Goldman Sachs is reportedly preparing to offer bitcoin futures trading.