By
Svetlana Soroka
May 18th, 2024
Bitpanda crypto exchange and Raiffeisen Bank announced a strategic partnership earlier last year but initially focused on Vienna-based customers.
After testing the crypto operations via a traditional banking platform in the past twelve months, Bitpanda GmbH, a veteran cryptocurrency exchange based in Vienna, has announced the expansion of the services to 55 other branches of Raiffeisen Bank International AG (Austria: RBI). Bitpanda cryptocurrency exchange has been working closely with Raiffeisen Bank in the past year to offer digital asset investment in Vienna.
However, the dual is now expanding beyond Vienna to the entire country amid the implementation of the Market in Crypto Assets (MiCA) laws in Europe. According to Bitpand’s deputy CEO Lucas Konrad, clear cryptocurrency regulatory frameworks in Europe have enabled the ongoing expansion of digital assets.
Konrad further noted that the strategic partnership between Bitpanda and Raiffeisen Bank has enabled an adoption rate of 10 percent in Vienna. Whereby most new crypto investors have been purchasing large-cap digital assets such as Bitcoin (BTC) and Ethereum (ETH).
“Europe has a big benefit when it comes to crypto and that’s a clear regulatory framework, which comes into force from January 2025 onwards,” Konrad noted.
Bitpanda and Global Expansion Bid
Amid the ongoing mainstream adoption of digital assets fueled by the recent approval of spot Bitcoin ETFs in the United States and Hong Kong, Bitpanda is keen to expand its global reach. Furthermore, more institutional investors are gradually integrating with blockchain technology to attract more global customers and streamline their operations.
Earlier this week, Bitpanda announced that its bid to expand its global market has been initiated with the opening of a regional office in Dubai, UAE. According to Eric Demuth, CEO of Bitpanda, the UAE is an ideal place for expanding into the Middle East market due to its clear crypto regulations.
“The same crypto regulatory clarity in Europe exists in the Dubai and Abu Dhabi regions. But in the US, this is not happening, making entities like banks hesitant. That’s not the case in the UAE,” Konrad noted.
Market Picture
While speaking during the opening of the Dubai office, Walid BenOthman, Managing Director of Bitpanda MENA, noted that the cryptocurrency exchange is well positioned to attract millions of crypto users amid the ongoing bull season.
The expansion of Bitpanda through regulated channels will aid in the mass adoption of its ecosystem token dubbed Bitpanda Ecosystem Token (BEST).
As of this writing, BEST traded around 50 cents, with a reported fully diluted valuation of about $402 million. Ultimately, Bitpanda will be able to compete with the industry’s bigwigs such as Binance Holdings Ltd, and Coinbase Global Inc (NASDAQ: COIN). Furthermore, the cryptocurrency market is projected to outshine major stock indexes and the precious metal industry in the coming years.