A recent collaboration between Deutsche Bank and Bitpanda is set to revolutionize the crypto trading scene in Germany. German crypto traders can now enjoy real-time inbound and outbound payments on Bitpanda, thanks to this partnership. This exciting development not only enhances transaction efficiency and security but also provides robust liquidity for Bitpanda users in Germany.
The collaboration enables Bitpanda to utilize an application programming interface (API)-based account solution provided by Deutsche Bank. This allows the crypto trading platform to access German International Bank Account Numbers (IBANs). IBANs are internationally recognized codes that facilitate safe processing of international transfers. By utilizing this service, Bitpanda aims to improve the efficiency and security of fund transfers. Additionally, Bitpanda users in the region will receive a German IBAN for their deposits and withdrawals, among other benefits.
As a result of this partnership, all fiat deposits and withdrawal requests made on Bitpanda will go through Deutsche Bank for real-time settlements. This means that crypto traders can enjoy real-time cash settlements, enhancing their trading experience.
Lukas Enzersdorfer-Konrad, the Deputy CEO of Bitpanda, emphasized the importance of banks in making crypto accessible to the masses. Bitpanda has previously collaborated with major financial institutions, such as Raiffeisen Bank International, LBBW, and N26, to promote the adoption of cryptocurrencies. Enzersdorfer-Konrad believes that crypto-bank partnerships ultimately benefit the end-user.
Deutsche Bank’s provision of safeguarding accounts and value-enhancing payment solutions will support Bitpanda in streamlining its treasury operations and reconciliation processes. This, in turn, is expected to lead to more robust liquidity across Bitpanda’s core markets.
Enzersdorfer-Konrad also highlighted that regulatory clarity, provided by the Markets in Crypto-Assets Regulation (MiCA) framework, has encouraged Europe’s largest banks to develop crypto solutions. In a previous interview, he mentioned that banks have recognized their lack of technical expertise and have turned to crypto service providers like Bitpanda to bridge this gap.
Overall, this partnership between Deutsche Bank and Bitpanda is a significant step towards the wider adoption of cryptocurrencies. It not only improves the efficiency and security of transactions but also highlights the vital role that banks play in making crypto accessible to the masses. With regulatory clarity and technical expertise, banks can provide valuable crypto services to their customers, ultimately benefiting the end-user.