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EU Banks Embrace Cryptos with BTC (Bitcoin), XRP, and Others

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Key traditional banks in the European Union are venturing into digital assets.

Raiffeisenlandesbank NÖ-Wien has become the number 1key traditional bank in the EU to join the digital assets world.

The Austria banking group member used a planned partnership with the top European crypto exchange Bitpanda to achieve this feat.

RLB NÖ-Wien is ready to break new ground by adding cryptos and other digital asset groups to its digital investment offerings.

This particular venture will be its first to happen in the European Union.

Traditional Banks that have Ventured Into Crypto

CRYPTO

Source: freepik

Surprisingly more traditional banks have entered the digital assets markets.

For instance, banks like; the German digital bank N26, Italian neo-bank Hype, UK Fintech Plum, German cloud banking platform Mambu, and many others have launched investment platforms through Bitpanda tech.

At present, Bitpanda encompasses over 2,500 assets scattered over 5 asset classes.

These involve commodities, cryptocurrency, metals, stocks, and exchange-traded funds.

In addition, Bitpanda supports XRP, Bitcoin, and a lot of other cryptos too.

READ ALSO: Bahamas DARE Bill Subdues Crypto After the FTX Disaster

Blockchain and Traditional Finance Mix

The combination of Blockchain and traditional finance is steadily generating much-expected results.

An example is the FOBXX (Franklin on-chain United States Government Money Fund and Franklin Templeton’s money-market fund).

The fund emerged in 2021 and opened to the general public in 2022. Notably, it currently boasts $270 million worth of assets.

This fund uses the Stellar blockchain network to track ownership and process transactions.

Similarly, another renowned Swiss financial company, PostFinance, joined Sygnum Bank earlier this April.

The aim is to provide Bitcoin investments to its customers.

READ ALSO: Binance CEO Changpeng Zhao Denies $28 Billion Wealth

Breaking New Grounds

The move by the EU, RLB NO-Wien, is considered a 1st, amid traditional banks.

Moreover, it is ready to become the pioneer through plans to add cryptos and other digital asset classes into its digital investment offering.

It will achieve all these innovative plans through the cutting-edge API of Bitpanda.

Also, it can completely secure ISO 271001-certified infrastructure and finish with the feel and look of Raiffeinsen’s iconic branding.

 

 

 

 

 

 

 

 

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