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Deutsche Bank and Bitpanda Join Forces for Real-Time Crypto Payments — TradingView News
German crypto traders will now be able to make real-time inbound and outbound payments on Bitpanda, thanks to a recent partnership between the crypto trading platform and Deutsche Bank.
The collaboration improves transaction efficiency and security, providing robust liquidity to Bitpanda users in Germany.
The partnership with Deutsche Bank will allow Bitpanda to use an application programming interface (API)-based account solution, which allows the crypto trading platform to access German international bank account numbers (IBAN).
IBANs are internationally recognized codes that help banks securely process international transfers. Bitpanda aims to use this service to improve the efficiency and security of fund transfers. Bitpanda users in the region will receive, among other benefits, a German IBAN for deposits and withdrawals.
As a result, all Bitpanda escrow deposits or fiat withdrawal requests will go through Deutsche Bank for real-time settlements.
Real-time cash settlements for crypto traders
Speaking to Cointelegraph, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted the importance of banks in making crypto accessible to the general public.
Over the years, the platform has collaborated with major financial institutions, including Raiffeisen Bank International, LBBW and N26, to promote the adoption of cryptocurrencies. He said:
“Over the past decade, we’ve made it a point to focus on trust, compliance and security, and that’s what makes these advances possible. You cannot buy trust or integrity; you have to earn it, and that’s what we did.
Deutsche Bank will provide backup accounts and value-added payment solutions to support the streamlining of Bitpanda’s treasury operations and reconciliation processes. This should ultimately lead to more robust liquidity across Bitpanda’s core markets.
Role of Banks in Crypto Adoption
Enzersdorfer-Konrad believes that crypto-bank partnerships ultimately benefit the end user.
“Our infrastructure allows these banks to offer their customers all the capabilities of a best-in-class crypto product. The fact that we can now add Deutsche Bank as a major international bank to the list of institutions partnering with us is a sign of the maturity of players like Bitpanda.
The regulatory clarity provided by the Markets in Crypto-Asset (MiCA) regulatory framework has encouraged Europe’s largest banks to develop crypto solutions.
In a previous interview with Cointelegraph, Enzersdorfer-Konrad said:
“European banks are turning to crypto as an asset class and tokenization technology because MiCA, the next regulatory framework for Europe, is suddenly bringing full clarity to banks.”
Enzersdorfer-Konrad said banks have become aware of their lack of technical expertise because they tend to ignore research efforts and instead focus on bringing a new product to market.
Additionally, regulatory clarity gives European banks confidence in their crypto service offering. However, they lack technical knowledge and infrastructure, which is why they rely on crypto service providers such as Bitpanda.