Bitpanda Expands Crypto Reach Through Raiffeisen Partnership and Dubai Office

Bitpanda has expanded its partnership with the Vienna-based unit of Austrian lender Raiffeisen to provide crypto services to customers at 55 bank branches across the country. Earlier this week, Bitpanda announced the opening of a Dubai office, marking the UAE as its first expansion location outside of Europe.

Clear regulatory frameworks are crucial for crypto businesses, and jurisdictions offering this peace of mind are leading the way in digital assets. In Europe, this is facilitated by the "Markets in Crypto Assets" (MiCA) regime, being implemented this year. The UAE has also established itself ahead of other regions with its Virtual Assets Regulatory Authority (VARA).

Lukas Konrad, Bitpanda's deputy CEO, noted that the European Union's regulatory clarity is encouraging adoption. The Raiffeisen partnership, which began a few months ago with customers in Vienna, has seen a 10% adoption rate, with new investors mainly purchasing large-cap cryptocurrencies like bitcoin and Ethereum tokens.

In an interview, Konrad stated, "Europe has a big advantage in crypto through a clear regulatory framework, which takes effect from January 2025 onwards. The same kind of regulatory clarity is present in the Dubai and Abu Dhabi regions." However, this is not the case in the U.S., where uncertainty has made banks hesitant. That is not an issue in the UAE.