Austrian cryptocurrency exchange Bitpanda has teamed up with Germany's largest bank Deutsche Bank to provide real-time payment solutions.
Cryptocurrency exchange Bitpanda is expanding its partnership with Deutsche Bank, Germany's largest financial lender, to provide banking solutions for inbound and outbound transactions for users in Germany. An API-based account solution will provide the Austrian cryptocurrency exchange with access to German IBAN numbers, according to a… press release On June 4th.
Speaking with crypto.news, Heinrich Fromsdorf, Deutsche Bank's media spokesman, noted that through the partnership, the bank wants to achieve “market penetration in completely new areas.” Despite the cooperation, the Frankfurt-headquartered bank emphasized that it still prefers a cautious approach and is in no hurry to expand its list of partnerships in the cryptocurrency industry.
“Deutsche Bank will not offer our services to every company in the cryptocurrency sector. It must be a clearly licensed and regulated company that also follows the highest compliance standards internally.
Heinrich Fromsdorf
As the press release noted, Deutsche Bank already supports Bitpanda's operational needs as its European Hausbank for cross-currency solutions in Austria and Spain. Commenting on the partnership, Bitpanda CEO Lukas Enzersdorfer-Konrad said Deutsche Bank’s commitment to working with new players in the financial industry “continues to make our partnership possible.”
Bitpanda began its journey in Germany in 2022, when the Federal Financial Supervision Authority – also known as BaFin – granted the cryptocurrency exchange a licence, allowing it to offer services in the German market.
In mid-April, crypto.news reported that Germany's largest state-backed bank with assets under management of more than $350 billion, Landesbank Baden-Württemberg (LBBW), is also planning to launch cryptocurrency custody services for its institutional and corporate clients in the second half of 2017. 2024. Partnership with Bitpanda.
