Bitpanda and Raiffeisen Bank International partner for blockchain interoperability in the banking sector

Bitpanda announced a partnership of its Pantos project with Raiffeisen Bank International, to implement its technology at RBI Coin

The Bitpanda digital investment platform announced a partnership of its blockchain interoperability project, Pantos, with Raiffeisen Bank International, to implement its technology in RBI Coin, an e-money solution. Bitpanda informed Cointelegraph en Español in a press release.

According to Bitpanda, Pantos is an important European project of blockchain interoperability developed by the Bitpanda team together with the Technical University of Vienna.

The aim of Pantos is to allow tokenization projects to be independent of a specific blockchain. „The joining of RBI to the project is a demonstration of the successful and mature development of the Pantos protocol over the last two and a half years,“ the statement said.

„RBI Coin is a digital cash solution (…) for interbank and intercompany payments to streamline cash and liquidity management and introduce new banking products for corporate and institutional clients“ they went on to detail.

There are many financial applications built on Bitcoin Storm that are fundamentally different in architecture from both a commercial and technical point of view. These developments pose the challenge of not having a natural link between these different applications, which raises the risk of multiple solutions occurring in parallel.

In this sense, the communiqué stated that the cooperation of RBI with Pantos represents a determined attempt to address and solve the interoperability problems between the different blockchain applications.

A case for consideration

„This is an important case study in making the banking industry technology-agnostic to rapid changes in this technology. RBI will be part of the Pantos ecosystem by using technology that allows the establishment of interoperability between different blockchain ecosystems and case studies,“ remarked from Bitpanda.

Paul Klanschek, co-founder and CEO of Bitpanda has highlighted the importance of this agreement, and said

„We see many protocols from competitors, not only from the crypto space, but also from technology companies, banks and governments. The question of how to bring all these protocols together remains unanswered. The Pantos project aims to provide a unifying solution for the fragmented blockchain and crypto space. After a purely research and proof-of-concept mode, we are now very excited to partner with RBI to bring our technology to their RBI currency.

Christian Wolf, RBI’s Head of Strategic Partnerships and Ecosystems has expressed his satisfaction with this partnership, and said

„Pantos‘ technology plays an integral role in making asset tokenisation a reality within our banking group by introducing the aspect of interoperability, thus enabling even more extensive and flexible case studies for our clients.

About Bitpanda
Bitpanda is a European neo-broker with a mission to democratize the complex world of investments. Founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, the company strongly believes in transparency and facilitating the world of investment.

About RBI
The RBI is an Austrian bank which has Austria, as well as Central and Eastern Europe (CEE), as its main market.