German crypto traders will now be able to make real-time inbound and outbound payments on Bitpanda, thanks to a recent partnership between the crypto trading platform and Deutsche Bank.
The collaboration enhances transaction efficiency and security, providing robust liquidity for Bitpanda’s users in Germany.
The partnership with Deutsche Bank will allow Bitpanda to use an application programming interface (API)-based account solution, which enables the crypto trading platform to access German International Bank Account Numbers (IBANs).
IBANs are internationally agreed-upon codes that help banks safely process international transfers. Bitpanda aims to use this service to improve the efficiency and security of fund transfers. Bitpanda users in the region will get a German IBAN for deposits and withdrawals, among other benefits.
As a result, all fiat deposits or withdrawal fiat requests from Bitpanda will go through Deutsche Bank for real-time settlements.
Real-time cash settlements for crypto traders
Speaking to Cointelegraph, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, underscored the importance of banks in making crypto accessible to the masses.
Over the years, the platform has collaborated with major financial institutions, including Raiffeisen Bank International, LBBW and N26, to promote the adoption of cryptocurrencies. He said:
“We have made a point over the last decade of focusing on trust, compliance, and security, and that’s what makes these leaps forward possible. You can’t buy trust or integrity; you have to earn it, and that’s what we’ve done.”
Deutsche Bank will provide safeguarding accounts and value-enhancing payment solutions to support Bitpanda’s streamlining of treasury operations and reconciliation processes. This is expected to ultimately lead to more robust liquidity across Bitpanda’s core markets.
Role of banks in crypto adoption
Enzersdorfer-Konrad believes that crypto-bank partnerships ultimately benefit the end-user.
“Our infrastructure enables these banks to offer their customers the full capabilities of a first-class crypto product. It is a sign of the maturity of players like Bitpanda that we can now add Deutsche Bank as a major international bank to the list of institutions that partner with us.”
The regulatory clarity provided by the Markets in Crypto-Assets Regulation (MiCA) framework has encouraged Europe’s largest banks to develop crypto solutions.
Related: Germany’s largest federal bank to offer crypto custody services: Report
In a previous interview with Cointelegraph, Enzersdorfer-Konrad said:
“European banks are moving into crypto as an asset class and tokenization technology because MiCA, the upcoming regulatory framework for Europe, is suddenly bringing full clarity for banks.”
Enzersdorfer-Konrad said that banks have realized their lack of technical expertise as they tend to skip research efforts and focus on bringing a new product to the market instead.
In addition, regulatory clarity gives confidence to European banks in offering crypto services. However, they lack the technical knowledge and infrastructure, which is why they are tapping crypto services providers such as Bitpanda.
Magazine: Crypto voters are already disrupting the 2024 election — and it’s set to continue