The German cryptocurrency trading platform, Bitpanda, has collaborated with Deutsche Bank, enabling it to offer real-time cash transfers to and from crypto traders in Germany. This partnership enhances transaction security and efficiency by providing stable liquidity.
What makes this collaboration possible is the access it provides Bitpanda to a specialized interface (API-account solution); this German International Bank Account Number (IBAN) enables the platform to process international transfers with increased safety. Hence, Bitpanda users will now have a German IBAN code when making deposits and withdrawals.
All fiat currency transactions from Bitpanda will now pass through Deutsche Bank for instantaneous settlements, adding an additional layer of security. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlights that by working with established financial institutions, the platform has strengthened trust, compliance, and security over the years. He views this as key to mainstream recognition and adoption of crypto-assets.
Furthermore, Enzersdorfer-Konrad recognizes the ongoing role of banks in fostering crypto assimilation. He adds that partnerships between cryptocurrencies and banking institutions invariably benefit the user and is just another example of the increasing maturity of the sector.
Finally, he points out that European banks are moving more into crypto and tokenization technology due to the regulatory clarity provided by the Markets in Crypto-Assets Regulation (MiCA) framework. European banks are confident they can offer crypto services due to these clearer regulations. However, their lack of technical expertise leads them to partner with crypto service providers like Bitpanda.