German cryptocurrency traders will now be able to make inbound and outbound payments in
German cryptocurrency traders will now be able to make real-time inbound and outbound payments on Bitpanda, thanks to a recent partnership between the cryptocurrency trading platform and Deutsche Bank.
This cooperation improves transaction efficiency and security and provides strong liquidity for Bitpanda users in Germany.
The partnership with Deutsche Bank will allow Bitpanda to use an application programming interface (API)-based account solution, which will allow the cryptocurrency trading platform to access German international bank account numbers ( IBAN).
IBAN numbers are internationally recognized 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 will receive, among other benefits, a German IBAN for deposits and withdrawals.
As a result, all paper deposits or paper withdrawal requests from Bitpanda will go through Deutsche Bank for real-time settlements.
Real-time cash settlements for cryptocurrency traders
Speaking to Cointelegraph, Lukas Enzersdorfer-Konrad, Executive Vice President of BitPanda, highlighted the importance of banks in making cryptocurrencies 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 have focused on trust, compliance and security, making these advancements possible. You cannot buy trust or integrity; You have to earn it, and that’s what we did.
Deutsche Bank will provide protection accounts and value-added payment solutions to support Bitpanda’s simplification of treasury and settlement processes. This should ultimately lead to more robust liquidity across Bitpanda’s core markets.
The role of banks in the adoption of cryptocurrencies
Enzersdorfer-Konrad believes that crypto-banking partnerships ultimately benefit the end user.
“Our infrastructure allows these banks to provide their customers with all the capabilities of a best-in-class crypto product. It is a sign of the maturity of players like Bitpanda that we can now add Deutsche Bank as a major international bank to our list of partner institutions.
The regulatory clarity provided by the Market Regulatory Framework for Crypto-Assets (MiCA) has encouraged Europe’s largest banks to develop cryptocurrency solutions.
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In a previous interview with Cointelegraph, Enzersdorfer-Conrad said:
“European banks are turning to cryptocurrencies as an asset class and tokenization technology because MiCA, the next European regulatory framework, suddenly brings complete clarity to banks.”
Banks recognized their lack of technical expertise because they tended to ignore research efforts and focus instead on bringing a new product to market, Enzersdorfer-Conrad said.
Additionally, regulatory clarity gives European banks confidence in providing cryptocurrency services. However, they lack technical knowledge and infrastructure, which is why they turn to cryptocurrency service providers like Bitpanda.
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