Crypto trading outlet Bitpanda has collaborated with Deutsche Bank to provide real-time inbound and outbound payments. The cryptocurrency exchange made the disclosure on Tuesday via its official page on X (formerly Twitter). According to the announcement, the partnership will improve transaction efficiency and security for users of Bitpanda in Germany.
More so, the collaboration will also provide more liquidity for users. In the announcement, the exchange explained how Deutsche Bank will allow it to leverage an account solution supported by an application programming interface (API). With this solution, Bitpanda can access German International Bank Account Numbers (IBANs).
It is worth mentioning that IBANs are codes that are recognized globally and it allows banks to process International transactions. Following the partnership, users of Bitpanda in the country will now receive a German IBAN that’ll allow them to make international transactions among many others.
Consequently, the Deutsche Bank will now manage all fiat deposits or withdrawal requests from Bitpanda for real-time settlements. Meanwhile, the collaboration between Bitpanda and Deutsche Bank further strengthened the growing presence and market domination of the exchange in Germany.
Similarly, the Deutsche Bank will provide safeguarding accounts and payment systems to support the exchange’s plan to streamline its treasury operations. As revealed, the support will birth more liquidity across important markets of the cryptocurrency exchange.
Recall that in December 2021, Bitpanda launched its exchange-traded cryptocurrency note (ETC), listing it on Deutsche Boerse’s Xetra market. According to a Binbits report, the product provided an early pathway for investors in Germany to diversify their portfolios and gain entry into the cryptocurrency market.
How Bitpanda Deputy CEO Emphasized the Role of Banks in Mass Crypto Adoption
However, the Deputy CEO of Bitpanda Lukas Enzersdorfer-Konrad in his disclosure highlighted the significance of banks in availing virtual assets to the masses. The executive recalled how the exchange has previously worked with top financial institutions like Raiffeisen Bank International, LBBW, and N26, to push the mainstream adoption of virtual assets.Â
Furthermore, Enzersdorfer-Konrad explained how Bitpanda over the last decade has focused on trust, compliance, and security. The Deputy CEO submitted that the focus played a vital role in the progress the exchange has recorded so far in terms of mass crypto adoption. He added that the collaboration between banks and cryptocurrency exchanges is more to the advantage of investors.
Lastly, Enzersdorfer-Konrad said the system framework of Bitpanda allows banks to provide their clients with first-class crypto initiatives. He also ruled that the partnership with Deutsche Bank is a remarkable growth for the cryptocurrency exchange.
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