Now cryptocurrency users in Germany can make instant inbound and outbound payments using digital assets stored on Bitpanda’s platform via International Bank Accounts (IBAN) with Deutsche Bank.
Bitpanda, an Austrian cryptocurrency exchange, announced a partnership with Deutsche Bank, Germany’s most prominent financial conglomerate. Under the partnership, cryptocurrency exchange users will be able to access German international bank accounts (IBANs) to make instant cryptocurrency payments.
The initiative is designed to improve the efficiency and security of transactions with digital assets. Thus, through the use of IBAN codes, which are internationally harmonized codes for securely processing international transfers, Bitpanda users from Germany will be able to make deposits and withdrawals in real-time through accounts with Deutsche Bank.
The collaboration will utilize a customized account solution based on an application programming interface (API) to ensure not only secure financial transactions but also speed and efficiency of transactions. Deutsche Bank will act as an intermediary and data custodian, protecting accounts. This approach will allow Bitpanda to optimize the process of treasury transactions and reconciliations.
Deutsche Bank and Bitpanda didn’t cooperate for the first time. Thus, the financial conglomerate has previously supported the cryptocurrency exchange’s operational needs in Austria and Spain.
Bitpanda is a leading European digital asset trading platform founded in Vienna in 2014. The crypto exchange offers more than 2,800 different assets, including cryptocurrencies, stocks, ETFs and commodities. The platform’s user base is more than 4 million. Bitpanda is actively working with regulators and has an EU license.
According to Kilian Thalhammer, Head of Trading Solutions at Deutsche Bank, the partnership with the regulated crypto exchange will allow the conglomerate to promote its initiatives related to digital assets. The cooperation between the companies, according to Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, will strengthen the trust relationship between TradFi and DeFi ecosystems while emphasizing the importance of banks for the mass distribution of cryptocurrencies. Both representatives of the companies agree that creating a safe and trusted environment for users to invest in digital assets is critical to its popularization.
Recall that in 2023, Deutsche Bank began developing a DeFi platform for investing in tokenized securities, and this year, the financial giant’s developments will be used as part of the international initiative Project Guardian and will form the basis of standards for tokenization protocols.
