Bitpanda taps Deutsche Bank for real-time crypto payments

European cryptocurrency exchange Bitpanda has partnered with Deutsche Bank to enable real-time inbound and outbound payments for German crypto traders.

The collaboration is said to upgrade transaction efficiency and security, providing robust liquidity for Bitpanda’s users in Germany. The partnership will leverage an API-based account solution, granting Bitpanda access to German International Bank Account Numbers (IBANs). This will allow users to benefit from fund transfers with German IBANs for deposits and withdrawals.

Fiat deposits and withdrawals from Bitpanda will be processed through Deutsche Bank for real-time settlements.

Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad commented: “Bringing the best parts of the industry together is where we can create real value for people.  Deutsche Bank’s commitment to working with new and innovative players in the financial industry continues to make our partnership possible. From today, we can access a range of Deutsche Bank’s products, unlocking benefits for our team and our users.”

Deutsche Bank will provide safeguarding accounts and payment solutions to support Bitpanda’s treasury operations in its primary markets. Enzersdorfer-Konrad noted that partnering with established financial institutions benefits end-users by integrating top-tier crypto products into the traditional banking infrastructure.

Regulatory clarity provided by the Markets in Crypto-Assets Regulation (MiCA) framework has encouraged Europe’s largest banks to develop crypto solutions. Bitpanda has recently extended its partnership with Austrian bank Raiffeisen to offer cryptocurrency buying options at 55 bank branches throughout Austria. The announcement came shortly after Bitpanda revealed plans to open a new office in Dubai, marking its first venture outside of Europe and tapping into the burgeoning Middle Eastern crypto market.

The alliance also stirred a flurry of comments from industry professionals and crypto enthusiasts alike. Tajinder Virk, CEO Finvasia also commented: “Drastic as it may seem, the move underscores the importance of understanding the implications of the MiCA norms. On the positive side, it creates more opportunities for EU-based EMIs and stablecoin issuers. EURO-backed stablecoins such as EURC, EUROe, and cEUR aren’t the new kids on the block anymore. It remains to be seen, however, what the regulatory future holds for the crypto space and the crypto derivatives industry.”

Kilian Thalhammer, Global Head of Merchant Solutions, Deutsche Bank, added: “With Bitpanda, a recognised and regulated fintech provider, we are confident to help build a secure and trusted environment for users in this innovative field of virtual asset investing. With our strategy to be the bank of choice for the high-potential platforms, the partnership with Bitpanda represents a key milestone as we shape this emerging ecosystem through active engagement with leading industry players.”

Deutsche Bank joined forces last year with Swiss crypto company Taurus to offer custody services for cryptocurrencies and tokenized assets to institutional clients.

This partnership marks the bank’s entry into the crypto custody arena, enabling it to hold a select range of cryptocurrencies and tokenized versions of traditional financial assets for its clients. However, the German giant clarified that it does not have immediate plans for crypto trading.