Austrian crypto broker Bitpanda has expanded its partnership with Deutsche Bank to implement real-time payment solutions for user transactions in Germany.
Through an API integration, Bitpanda will gain access to German IBAN accounts, streamlining the deposit and withdrawal process for German users.
Bitpanda’s German IBAN Integration
International Bank Account Numbers (IBANs) are internationally agreed codes that identify bank accounts across national borders. They provide a standardized way to identify accounts, allowing easy cross-border transactions and payments.
By integrating German IBANs, Bitpanda seeks to enhance the reliability and speed of deposit and withdrawal transactions for its users in that region.
According to the official press release, this move represents another step in Bitpanda’s strategy to tailor its offerings to local markets and strengthen its position as Europe’s leading digital asset trading platform.
Deutsche Bank already serves as Bitpanda’s primary bank for cross-currency transactions in Austria and Spain. In a statement, Deutsche Bank’s Global Head of Merchant Solutions, Kilian Thalhammer, said,
“We are always looking to partner with companies who share our commitment to user safety and security. 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.”
Over the past few years, Deutsche Bank has steadily expanded its participation in the cryptocurrency sector. As part of its strategy to facilitate client access to crypto markets and assets, the investment banking platform submitted an application for a digital asset custody license to Germany’s financial regulator in June 2023.
Later that year, Deutsche Bank partnered with Swiss crypto infrastructure firm Taurus to roll out cryptocurrency custody solutions and tokenized product offerings for its customer base.
Collabs With Traditional Players
In addition to traditional players like Deutsche Bank making inroads, the crypto-native firm Bitpanda has also actively pursued collaborations with major financial institutions for several years now.
In April, Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW) tapped Bitpanda to offer digital asset custody services by leveraging the regulated multi-asset broker platform’s advanced “Investment-as-a-Service” (IaaS) infrastructure.
Last year, Austrian cooperative banking company, Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) partnered with Bitpanda the launch its crypto investment services with the help of the latter’s software as a service (SaaS) offering.
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