Deutsche Bank and Bitpanda join forces for real-time cryptocurrency payments.

Thanks to a recent partnership between the cryptocurrency trading platform and Deutsche Bank, German cryptocurrency traders can now make real-time inbound and outbound payments on Bitpanda.

This collaboration improves trading efficiency and security, providing strong liquidity to Bitpanda users in Germany.

The partnership with Deutsche Bank allows Bitpanda to use an application programming interface (API)-based account solution that gives cryptocurrency trading platforms access to the German International Bank Account Number (IBAN).

IBAN is an internationally agreed upon code that helps banks securely process international transfers. Bitpanda aims to improve the efficiency and security of fund transfers using this service. Bitpanda users in the region will receive a variety of benefits, including German IBAN for deposits and withdrawals.

As a result, all fiat deposit or withdrawal requests on Bitpanda are settled in real time through Deutsche Bank.

Real-time cash payments for cryptocurrency traders

Lukas Enzersdorfer-Konrad, Vice President of Bitpanda, emphasized the importance of banks in making cryptocurrencies accessible to the public in an interview with Cointelegraph.

Over the years, the platform has collaborated with leading financial institutions including Raiffeisen Bank International, LBBW, and N26 to promote cryptocurrency adoption. He said:

“We’ve spent the last 10 years focusing on trust, compliance and security, and that’s what’s made this leap 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 account protection and value-enhancing payment solutions to help Bitpanda streamline its treasury operations and reconciliation processes. This is expected to ultimately lead to stronger liquidity across Bitpanda’s core markets.

Banks’ role in cryptocurrency adoption

Enzersdorfer-Konrad believes that cryptocurrency banking partnerships ultimately benefit end users.

“Our infrastructure allows these banks to offer their customers all the features of a first-class cryptocurrency 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 we work with.”

The regulatory clarity provided by the Regulated Markets in Cryptocurrency Assets (MiCA) framework has encouraged Europe’s largest banks to develop cryptocurrency solutions.

Related: Germany’s Largest Federal Bank Offering Cryptocurrency Custody Services: Report

In a previous interview with Cointelegraph, Enzersdorfer-Konrad said:

“European banks are turning to cryptocurrencies as an asset class and tokenization technology because Europe’s upcoming regulatory framework, MiCA, suddenly provides banks with complete clarity.”

Enzersdorfer-Konrad said she realized there was a lack of technical expertise as banks tended to skip research efforts and instead focus on bringing new products to market.

Regulatory clarity also gives European banks confidence in offering cryptocurrency services. However, due to lack of technical knowledge and infrastructure, they are using cryptocurrency service providers such as Bitpanda.

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