While in the USA the approval of Bitcoin-Fonds a lot of fresh capital poured into the cryptocurrency, it is in Europa die regulation by the EU Commission, which helps make the cryptocurrency interesting for new investor groups.
“This gives banks clarity when dealing with the asset class,” says Bitpanda-Managing Director Lukas Enzersdorfer-Konrad. And they help to open up new customer groups. Customers can easily invest in cryptocurrencies via apps from financial institutions.
Bitpanda offers its investment infrastructure to financial institutions through its subsidiary Bitcoin Technology Solutions. With the neobank N26 we have been working together for a long time, since January the company also cooperates with the RLB NÖ-Wien.
At the beginning of the week there was also a collaboration with the fifth largest German bank, which specializes in corporate customers Landesbank Baden-Württemberg (LBBW), announced. This shows that there is interest in investing in cryptocurrencies not only from private but also from corporate customers, says the Bitpanda managing director.
20 million potential new customers
Bitpanda is currently counting on its own platform 4.5 million users. Through cooperation with banks we come across Europe 20 million potential new customers, says Enzersdorfer-Konrad.
He expects “a lot of movement” in this area this year. Every major bank is dealing with the issue.
Transaction volume still far from peak levels
The volume of transactions is still unknown 30 to 40 percent away from peak values from 2021, according to the Bitpanda managing director. The interest of private investors has been awakened again with the price increases of the past few months. The number of new customers is also increasing.
According to surveys, around 1,000 people invest in Austria 10 percent of the population in cryptocurrencies. Customers can be found in all age groups. Bitpanda itself has weathered the turbulence of the past few years well and was back last year profitable been, says Enzersdorfer-Konrad. In 2022, after the Bitcoin price collapsed massively, the company had to 270 people fired and posted a loss of more than 100 million euros.