Deutsche Bank, Europe's Largest German Bank, Partners with Bitpanda Exchange to Provide Users with Instant Fiat Deposit and Withdrawal Services

Bitpanda, a comprehensive asset management platform for trading cryptocurrencies, stocks, ETFs, and more, announced yesterday (4th) that it has partnered with one of Europe's largest banks, Deutsche Bank, to provide users with real-time fiat payment services on its cryptocurrency trading platform.

Deutsche Bank to Provide Fiat Deposit and Withdrawal Settlements for Bitpanda Users

According to Bitpanda's announcement, in this partnership, Deutsche Bank will not only provide Bitpanda users with real-time fiat payment services but will also allow Bitpanda to use its API. This will enable Bitpanda to offer users German International Bank Account Numbers (IBAN) for cross-border deposits and withdrawals.

The IBAN, representing the International Bank Account Number, is an internationally recognized code consisting of up to 34 letters and numbers, which helps banks ensure the correct processing of international transfers.

Regarding this, Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, stated that Deutsche Bank would provide account protection and value-added schemes to support Bitpanda in simplifying financial operations and reconciliation processes. This partnership will bring better liquidity to the market, ultimately benefiting cryptocurrency investors:

"Our infrastructure enables these banks to offer their users first-class cryptocurrency products, and we can now add Deutsche Bank, a major international bank, to our list of partners."

Impact on the Industry?

Taking Taiwan as an example, when we want to purchase cryptocurrencies using New Taiwan Dollars, we usually transfer to local exchanges to buy USDT and then transfer it to other exchanges to access a more diverse range of products and services. The cooperation between Bitpanda and Deutsche Bank might lead to more traditional banks deciding to collaborate with cryptocurrency exchanges, providing users with more convenient deposit and withdrawal options in the future.

Finally, Lukas added that the upcoming implementation of Europe's new cryptocurrency regulatory framework, MiCA, provides regulatory clarity that gives European banks the confidence to offer cryptocurrency services. However, as banks realize their lack of expertise in the cryptocurrency field, they will choose to partner with cryptocurrency service providers.

Note: After the MiCA regulation is implemented, common USDT USD trading pairs may need to be switched to Euro trading pairs.

About Bitpanda

According to the official description, Bitpanda was founded in Vienna, Austria, in 2014. It allows users to invest in stocks, cryptocurrencies, metals, commodities, and more with any amount of money. Currently, it has over 700 team members and 4 million users, making it one of Europe's most successful fintech companies.

Source: Bitpanda