Bitpanda, one of the leading European crypto trading and brokerage platforms has announced that it has deepened its relationship with Deutsche Bank. The latest development allows the Austrian crypto platform to offer a better experience to its users, especially those in Germany.
The relationship between Bitpanda and Deutsche Bank is not exactly new. Deutsche Bank has been acting as the former’s European Hausbank for cross-currency solutions in Austria and Spain for a while now. The latest development allows Bitpanda to make use of the German bank’s API-based account solution to issue local IBANs for users in Germany.
Using local IBANs will make transactions in and out of the platform a lot quicker and more convenient. It also signals Deutsche Bank’s receptiveness towards crypto assets and the place these digital currencies have carved for themselves in mainstream finance.
While Deutsche Bank caters to the diverse requirements of a platform supporting over 2800 digital assets, including crypto assets, stocks, ETFs, precious metals and commodities, it is still taking a cautious approach towards this controversial asset class. The bank’s global head of cash management, Ole Matthiessen, was quoted by Reuters saying the institution has taken a “very cautious” approach with Bitpanda.
In his communication with Reuters, Matthiessen said, “We only work with very selective partners and clients who demonstrate strong compliance processes, operate in a regulated environment and meet our heightened expectation from a risk perspective.”
Similarly, the Global Head of Merchant Solutions, Deutsche Bank – Kilian Thalhammer said, “We are always looking to partner with companies who share our commitment to user safety and security. With Bitpanda, a recognized and regulated fintech provider, we are confident to help build a secure and trusted environment for users in this innovative field of virtual asset investing. With our strategy to be the bank of choice for the high-potential platforms, the partnership with Bitpanda represents a key milestone as we shape this emerging ecosystem through active engagement with leading industry players.”
The Deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad believes that Deutsche Bank’s openness to working with innovative financial platforms has made this partnership possible. With access to Deutsche Bank’s products, Bitpanda will be able to offer a lot of benefits for its users as well as their own team.
With all these developments, Bitpanda users in Europe can expect a smooth crypto trading experience in the coming days.