Deutsche Bank and Bitpanda join real-time crypto payments
German crypto traders can make real-time incoming and outgoing payments on Bitpanda thanks to a recent partnership between the crypto trading platform and Deutsche Bank.
The collaboration will strengthen transaction efficiency and security, providing a strong cash flow for Bitpanda users in Germany.
The partnership with Deutsche Bank allows Bitpanda to use an Application Programming Interface (API) based account solution, which allows the crypto trading platform to access German International Bank Account Numbers (IBANs).
IBANs are internationally agreed codes that help banks process international transfers securely. Bitpanda aims to use this service to improve the efficiency and security of money transfers. Bitpanda users in the region get a German IBN for deposits and withdrawals, among other benefits.
As a result, all fiat deposits or fiat withdrawal requests from Bitpanda go through Deutsche Bank for real-time settlements.
Real time financial settlements for crypto traders
Speaking to Cointelegraph, Bitpanda Deputy CEO Lucas Inzersdorfer-Konrad emphasized the importance of banks in making crypto accessible to the masses.
Over the years, the platform has partnered with major financial institutions including Raiffeisen Bank International, LBBW and N26 to promote the acceptance of cryptocurrencies. he said:
“Over the past decade, we've focused on trust, compliance and security, and that's what makes these changes going forward. You cannot buy trust or loyalty; You have to find it, and that's what we did.”
Deutsche Bank provides escrow accounts and value-enhancing payment solutions to integrate BitPanda's treasury operations and reconciliation processes. This is expected to eventually lead to stronger liquidity in Bitpanda's main markets.
The role of banks in crypto adoption
Inzersdorfer-Konrad believes that crypto-bank partnerships will ultimately benefit the consumer.
“Our infrastructure enables these banks to offer their clients the full potential of a first-class crypto product. It is a testament to the maturity of players like Bitpanda that we can add Deutsche Bank as a major international bank to our list of partner institutions.”
The regulatory transparency provided by the markets in the framework of the Crypto-Assets Regulation (MiCA) has encouraged Europe's largest banks to develop crypto solutions.
Related: Germany's Largest Federal Bank to Offer Crypto Custody Services: Report
In an interview with Cointelegraph, Inzersdorfer-Konrad said:
“European banks are getting into crypto as an asset class and token technology because MCA, Europe's upcoming regulatory framework, is suddenly bringing full transparency to banks.”
According to Inzersdorfer-Konrad, banks skip research efforts and instead focus on bringing a new product to market, realizing their lack of technical expertise.
In addition, regulatory transparency gives confidence to European banks to provide crypto services. However, they do not have the technical knowledge and infrastructure, which is why they are affecting crypto service providers like Bitpanda.
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