Bitpanda, a Vienna-based crypto broker, announced that it enlisted the German Bank, Deutsche Bank (DBK) to handle customer deposits and withdrawals of fiat currency, now the company is the first crypto firm to partner with a major international bank.
Users of Bitpanda can now access international bank account numbers (IBANs) in Germany, thereby facilitating the conversion of cryptocurrency to money and vice versa. Additionally, Deutsche Bank will support both inward and outbound Bitpanda transactions.
Bitpanda aims to offer a customized local solution and to assist the company’s ongoing efforts to solidify its position as the top digital asset trading platform in Europe. Deutsche Bank provides Bitpanda with operational support for cross-currency solutions in Austria and Spain via its subsidiary European Hausbank.
“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,” said Bitpanda’s deputy CEO, Lukas Enzersdorfer-Konrad.
Cryptocurrency and tokenization are nothing new to Deutsche Bank. Through a partnership with Taurus, the massive German bank expanded its offering last year to include tokenization and crypto custody.
Kilian Thalhammer, Global Head of Merchant Solutions, at Deutsche Bank, expressed, “With Bitpanda, a recognized 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 Germany’s biggest bank giving Bitpanda users local bank account numbers to enable fiat cash payments, Deutsche Bank’s involvement signals a change in attitude. Users of cryptocurrencies will no longer have to hassle with complicated deposit and withdrawal processes.
Also Read: Crypto Exchange Bitpanda Secures a VASP License in Norway
