Deutsche Bank and Bitpanda Forge New Deal to Streamline Crypto Transactions

Published on June 7, 2024
By: Ertix Truepatch
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Deutsche Bank, a leading financial institution in Germany and globally, has recently partnered with Bitpanda. Based in Vienna, Bitpanda is a fintech platform founded in 2014 that allows users to invest in various financial assets, including cryptocurrencies, precious metals, and fractional shares. The platform quickly gained popularity for its user-friendly approach and accessibility to the general public.

What does this agreement involve? Bitpanda users can now deposit and withdraw fiat currency through Deutsche Bank. This partnership is particularly advantageous as traditional banks have hesitated to engage with cryptocurrencies, especially after the FTX collapse in 2022. Bitpanda users will have access to German IBANs (International Bank Account Numbers), allowing them to easily convert crypto to fiat currency and vice versa.

The collaboration between Deutsche Bank and Bitpanda in the crypto industry isn’t new. Deutsche Bank has been assisting Bitpanda with its European stock market operations, particularly in Spain and Austria, covering various financial transactions in euros and dollars.

In a recent statement, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, remarked:

“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”.

Joining the discussion, Kilian Thalhammer, Global Head of Business Solutions at Deutsche Bank, added:

“We are always looking to partner with companies who share our commitment to user safety and security. 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 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”.

Bitpanda claims to offer over 2,800 digital assets, including more than 250 cryptocurrencies, as well as stocks, commodities, and ETFs from various sectors. It’s worth noting that back in April, the company announced a collaboration with Germany’s Landesbank Baden-Württemberg (LBBW), with plans to roll out crypto custody services by the second half of 2024.

Stefanie Münz, a Landesbank Baden-Württemberg board member, shared her thoughts:

By offering crypto-asset custody, we are positioning ourselves with a clear added value for our corporate clients – while ensuring the highest security standards.

Bitpanda provides the necessary technical and regulatory infrastructure to offer our customers innovative and, above all, secure solutions in the area of digital assets.

Deutsche Bank seems to be committed to cryptocurrencies…

Just a few weeks ago, we reported that Deutsche Bank entered as the new institution involved in Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS). This project aims to boost liquidity and streamline financial markets by tokenizing assets. To grasp this concept fully, we suggest reading this post.

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