In a significant development for the cryptocurrency market in Germany, Deutsche Bank has partnered with the Viennese crypto unicorn, Bitpanda, to enable real-time inbound and outbound payments. This means, going forward, fiat transactions for German crypto users will be processed via Deutsche Bank.
Through the deal, Austria’s Bitpanda will get access to German International Bank Account Numbers (IBANs). The partnership will leverage an application programming interface (API)-based account solution to access IBANs. This means that all fiat deposits or withdrawal requests from Bitpanda will go through Deutsche Bank for real-time settlements.
The partnership has been called “the first agreement between a Tier 1 bank and a crypto company that enables such an integration at all,” the unicorn said in a press release.
Major milestone alert! Bitpanda is expanding its partnership with @DeutscheBank. Together we’re delivering real-time payment services and local IBAN numbers for our users in Germany. This is a game changer for the industry!
Find out more in our Blog: https://t.co/XvMWDHPIHr… pic.twitter.com/joEwdTzDs8
— Bitpanda (@Bitpanda_global) June 4, 2024
“Since last year, there has been a noticeable rise in interest from large financial institutions in the crypto world,” said Eric Demuth, CEO of Bitpanda. “ Whether it’s on the B2B side via Bitpanda Technology Solutions or now with this partnership spanning the entire Bitpanda Group and Deutsche Bank: Deutsche Bank will provide real-time payment services , including local IBANs for German Bitpanda users.”
Commenting on the partnership, Demuth said, “This is a huge step for the whole industry and a testament to the strength of Bitpanda’s brand, reputation, and trustworthiness.”
“This partnership signifies the change that is happening and brings us closer to realizing our vision,” he added.
Meanwhile, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized the importance of trust, compliance, and security in making crypto accessible to the masses.
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.”
Regulatory Landscape For Crypto In Europe Is Becoming Clearer
The collaboration between Deutsche Bank and Bitpanda comes at a time when the regulatory landscape for cryptocurrencies in Europe is becoming clearer.
The Markets in Crypto-Assets Regulation (MiCA) framework has provided the necessary regulatory clarity, encouraging Europe’s largest banks to engage more actively in the crypto space.
The partnership between Deutsche Bank and Bitpanda is a testament to the growing acceptance of cryptocurrencies by traditional financial institutions.
The partnership between Deutsche Bank and Bitpanda is expected to have a positive impact on the crypto market in Germany.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
