Bitpanda, a crypto trading platform, has recently partnered with Deutsche Bank, enabling German crypto traders to conduct real-time inbound and outbound payments seamlessly. This collaboration enhances transaction efficiency and security while ensuring robust liquidity for Bitpanda's users in Germany.
Through the partnership, Bitpanda gains access to Deutsche Bank's application programming interface (API)-based account solution, facilitating the use of German International Bank Account Numbers (IBANs). IBANs are globally recognized codes utilized by banks to process international transfers securely. Bitpanda intends to leverage this service to enhance the efficiency and security of fund transfers, providing users in the region with German IBANs for deposits and withdrawals, among other benefits.
Consequently, all fiat deposits or withdrawal fiat requests on Bitpanda will be routed through Deutsche Bank for real-time settlements.
Cash settlements for cryptocurrency traders in real time
The significance of banks in enabling widespread access to cryptocurrency was emphasized by Bitpanda's deputy CEO, Lukas Enzersdorfer-Konrad.
The platform has worked with significant financial organizations over the years to encourage the adoption of cryptocurrencies, including Raiffeisen Bank International, LBBW, and N26. Says he:
"These advancements are made possible by the emphasis we have placed over the past ten years on security, compliance, and trust. Integrity and trust are qualities that cannot be purchased; we have earned them via our actions."
Deutsche Bank will help Bitpanda streamline its treasury operations and reconciliation procedures by offering value-adding payment options and safeguarding accounts. In the end, stronger liquidity is anticipated throughout Bitpanda's primary marketplaces as a result of this.
Banks' involvement in the adoption of cryptocurrencies
According to Enzersdorfer-Konrad, collaborations between crypto-banks eventually help the end customer.
These banks are able to provide their clients with all of the features of an elite cryptocurrency product thanks to our infrastructure. The fact that we can now add Deutsche Bank as a significant multinational bank to the list of organizations that collaborate with us is a testament to the maturity of players like Bitpanda.
The development of crypto solutions by Europe's top banks has been spurred by the regulatory certainty afforded by the Markets in Crypto-Assets Regulation (MiCA) framework.
Says Enzersdorfer-Konrad:
"European banks are embracing tokenization technology and cryptocurrencies as an asset class because MiCA, the upcoming regulatory framework for Europe, is providing full clarity for banks at last."
According to Enzersdorfer-Konrad, banks have come to terms with their lack of technological know-how because they now prioritize launching new products on the market over conducting research.
Furthermore, European banks are more confident to offer cryptocurrency services because to clear regulations. But because they lack the infrastructure and technological know-how, they are using Bitpanda and other cryptocurrency service providers.
June 2024, Cryptoniteuae