Bitpanda integrates Deutsche Bank for real-time payments, with Deutsche Bank enabling Bitpanda users to access local IBANs.
Austria-based crypto trading platform Bitpanda is set to start cooperation with Germany’s largest bank, Deutsche Bank, to allow users to make instant payments. Bitpanda announced this partnership in a press release today, with plans to widen its cryptocurrency service offerings within Europe.
Real-Time Payment Integration
Founded in 2014, Bitpanda claims to have over 4 million customers and offers products such as precious metals, cryptocurrency, and fractional stocks. In Germany, Deutsche Bank will facilitate the instant deposit and withdrawal of all fiat currencies on the Bitpanda platform.
This integration involves offering Bitpanda clients local International Bank Account Numbers (IBAN) options to enable them to make secure purchases. The collaboration aims to provide seamless USDT purchases and instant deposits and withdrawals for German Bitpanda users.
This is the latest partnership from Bitpanda aimed at bolstering crypto adoption. Two months back, the platform entered a partnership with LBBW, the biggest federal bank in Germany, to render custody services to institutions. Last month, Bitpanda also extended its collaboration with Raiffeisenlandesbank to 55 new banking institutions.
Deutsche Bank Exercises Caution in Crypto Partnerships
In a statement about the partnership, Ole Matthiessen, the worldwide head of cash management at Deutsche Bank, noted that the Bank is very cautious when selecting companies in the crypto space with which to cooperate.
He said the bank only partners with a few select partners with a track record of complying with local regulations.
The crypto industry has had issues establishing stable banking relationships where clients can deposit and withdraw funds easily. This has been made worse by the closures of many banking subsidiary companies that branded themselves as crypto-friendly, including, Signature Bank, Silvergate and Silicon Valley Bank in 2023.
These conditions impacted many crypto firms by the emergence of a shortage of banking services that should fill the existing market need for proper banking offerings. However, with proper regulations,
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