Crypto exchange Bitpanda has solidified its ties with the Deutsche Bank. In what is the latest development, the European lending giant will process real-time fiat deposits and withdrawals for the exchange’s users in Germany.
The announcement pointed out that Bitpanda customers will now have access to German IBANs [International Bank Account Numbers]. Retrospectively, this will help streamline the user experience and improve efficiency.
Since the collapse of crypto-friendly banks like Silvergate, Signature, and Silicon Valley Bank, crypto industry players have been finding it difficult to find banking partners. However, institutions like the Deutsche Bank have been attempting to fill the void.
Bitpanda is looking to eliminate barriers for users by offering a “truly local service.” In its announcement, it highlighted that working with Deutsche Bank will help the exchange check the localization box for deposits and withdrawals.
Commenting on the latest development, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda said,
“Bringing the best parts of the industry together is where we can create real value for people. From today, we can access a range of Deutsche Bank’s products, unlocking benefits for our team and our users.”
The Deutsche Bank has been in the crypto playing field for quite some time. In H2 last year, it partnered with Swiss crypto firm Taurus to provide custody services for institutional clients' crypto and tokenized assets. Recently, the bank also started testing a platform based on the Ethereum network. The platform, in turn, offers digital services for tokenized funds via Project Guardian - an initiative launched by the central bank of Singapore to weigh blockchain liquidity and efficiency benefits.
Furthermore, the Deutsche Bank already caters to the operational needs of Bitpanda as its European partner for cross-currency solutions in Austria and Spain. However, that is not consumer-facing.
Like the latest Bitpanda tie-up, the bank also shares a similar partnership with Hong Kong-based crypto exchange Hashkey. Thus, the latest development marks its maiden consumer-facing venture into the Europe, Middle East and African region. Kilian Thalhammer, the Global Head of Merchant Solutions at Deutsche, noted that the bank intends to be "the bank of choice for the high-potential platforms" in the world of digital asset investing.
