Cryptocurrency trading platform Bitpanda announced yesterday that it has partnered with Deutsche Bank, Germany’s largest bank, to provide real-time fiat currency payment services to its users.
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Table of Contents:
Deutsche Bank to provide fiat currency settlement for Bitpanda users
Impact on the industry?
Introduction to Bitpanda
Bitpanda, a comprehensive asset management platform that allows trading of cryptocurrencies, stocks, ETFs, and more, announced yesterday that it has partnered with Deutsche Bank, one of Europe’s largest banks, to provide real-time fiat currency payment services on its cryptocurrency trading platform.
Deutsche Bank to provide fiat currency settlement for Bitpanda users
According to Bitpanda’s announcement, in this partnership, Deutsche Bank will not only provide real-time fiat currency payment services for Bitpanda users but also allow Bitpanda to use its API to provide German international bank account numbers (IBAN) to facilitate cross-border deposits and withdrawals.
IBAN (International Bank Account Number) is an internationally recognized code consisting of up to 34 letters and numbers that helps banks ensure the correct processing of international transfers.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, stated that Deutsche Bank will provide account protection and value-added solutions to support Bitpanda in simplifying financial operations and reconciliation processes, bringing better liquidity to the market, and ultimately benefiting cryptocurrency investors. For example, in Taiwan, when we want to purchase cryptocurrencies with New Taiwan Dollars, we usually transfer funds to local exchanges to buy USDT and then transfer it to other exchanges to access a wider range of products and services. Bitpanda’s partnership with Deutsche Bank may lead to more traditional banks deciding to collaborate with cryptocurrency exchanges in the future, providing users with more convenient deposit and withdrawal options.
Finally, Lukas added that with the upcoming implementation of the new European cryptocurrency regulation law MiCA, the clarity of regulations gives European banks the confidence to provide cryptocurrency services. However, banking institutions are aware of their lack of expertise in the cryptocurrency field and therefore choose to collaborate with cryptocurrency service providers.
Note: After the implementation of MiCA law, common USDT-US Dollar trading pairs may need to be converted to Euro trading pairs.
According to the official description, Bitpanda was founded in Vienna, Austria in 2014, and it allows users to invest any amount they want in stocks, cryptocurrencies, metals, commodities, etc. Currently, it has more than 700 team members and 4 million users, making it one of the most successful fintech companies in Europe.
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Image Source: Bitpanda
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