Nikolas Sargeant
German crypto traders can now make real-time inbound and outbound payments on Bitpanda, thanks to a new partnership between the crypto trading platform and Deutsche Bank.
This collaboration improves transaction efficiency and security, providing robust liquidity for Bitpanda’s users in Germany.
The Deutsche Bank partnership allows Bitpanda to use an API-based account solution, granting the platform access to German International Bank Account Numbers (IBANs).
IBANs are internationally recognized codes that facilitate secure international transfers. Bitpanda aims to leverage this service to enhance the efficiency and security of fund transfers. Bitpanda users in Germany will receive a German IBAN for deposits and withdrawals, among other benefits.
Consequently, all fiat deposits and withdrawals on Bitpanda will be processed through Deutsche Bank for real-time settlements.
Real-Time Cash Settlements for Crypto Traders
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized the role of banks in making crypto accessible to the masses.
Over the years, Bitpanda has collaborated with major financial institutions, including Raiffeisen Bank International, LBBW, and N26, to promote cryptocurrency adoption. He stated:
“We have focused on trust, compliance, and security over the last decade, which makes these advancements possible. Trust and integrity must be earned, not bought, and we’ve accomplished that.”
Deutsche Bank will provide safeguarding accounts and enhanced payment solutions to support Bitpanda’s streamlined treasury operations and reconciliation processes, ultimately leading to improved liquidity across Bitpanda’s core markets.
Role of Banks in Crypto Adoption
Enzersdorfer-Konrad believes that crypto-bank partnerships benefit end users by enabling banks to offer comprehensive crypto products. The inclusion of Deutsche Bank as a partner highlights Bitpanda's maturity in the industry. The MiCA framework's regulatory clarity has prompted Europe's major banks to explore crypto solutions.
While banks lack technical expertise, regulatory confidence drives them to partner with providers like Bitpanda to bring new products to market. These partnerships allow banks to leverage Bitpanda's infrastructure, ensuring robust and compliant crypto offerings for their customers.
