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 users.
Summary:
Demand for stablecoins in the Eurozone grows! Collaboration between Deutsche Bank, Flow Traders, and Galaxy Digital.
Background:
Germany’s largest bank, Deutsche Bank, will offer cryptocurrency custody and asset tokenization services in collaboration with Taurus SA.
Table of Contents:
Deutsche Bank to provide fiat currency settlement for Bitpanda users.
Impact on the industry?
Introduction to Bitpanda.
Comprehensive asset management platform Bitpanda for trading cryptocurrencies, stocks, ETFs, etc. announced yesterday (4th) that it has partnered with one of Europe’s largest banks, Deutsche Bank, to provide real-time fiat currency payment services for users on its cryptocurrency trading platform.
Deutsche Bank to provide fiat currency settlement for Bitpanda users.
According to the Bitpanda announcement, in this partnership, Deutsche Bank will not only provide real-time fiat currency payment services to Bitpanda users but will also allow Bitpanda to use the 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.
In response, Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, stated that Deutsche Bank will provide account protection and value-added services to its users. This will 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 using New Taiwan Dollars, we usually import USDT from local exchanges and then transfer it to other exchanges to access a wider range of products and services. Bitpanda’s collaboration with Deutsche Bank may lead to more traditional banks deciding to cooperate with cryptocurrency exchanges in the future, providing users with more convenient deposit and withdrawal options.
Finally, Lukas also added that with the upcoming implementation of the new European cryptocurrency regulation law MiCA, the clarity in regulation gives European banks the confidence to provide cryptocurrency services. However, banking institutions realize 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 to USD trading pairs may have to be changed to EUR trading pairs.
Additional Information:
According to the official information, Bitpanda was established in Vienna, Austria in 2014, and offers users the ability to invest in stocks, cryptocurrencies, metals, commodities, etc., with any amount they desire. It currently has more than 700 team members and 4 million users, making it one of the most successful fintech companies in Europe.
Image source: Bitpanda