Deutsche Bank Partners with Bitpanda for Crypto Transactions in Germany
Deutsche Bank has partnered with Bitpanda, an Austrian crypto broker, to manage customer deposits and withdrawals, signaling a significant integration of cryptocurrency into mainstream banking.
This collaboration is especially notable given the crypto sector’s recent struggles to secure banking partners after the 2023 failures of Silvergate Capital Corp, Signature Bank, and Silicon Valley Bank, which had many crypto clients.
With this new partnership, Bitpanda users in Germany will receive local bank account numbers from Deutsche Bank, facilitating smoother fiat currency transactions. This arrangement marks a departure from the norm, as many banks still restrict transfers to crypto exchanges.
Founded in 2014 and based in Vienna, Bitpanda serves over 4 million users and offers a variety of products, including cryptocurrencies, fractional stocks, and precious metals. The partnership will help streamline Bitpanda’s treasury and payment processes while ensuring robust compliance and risk management, as emphasized by Deutsche Bank’s global head of cash management, Ole Matthiessen.
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Deutsche Bank will not handle direct crypto transfers but will support clients in managing their fiat transactions related to their crypto portfolios. The bank aims to be the preferred choice for high-potential platforms in virtual asset investing, according to Kilian Thalhammer, Deutsche Bank’s global head of merchant solutions. This is the bank’s first such partnership in the Europe, Middle East, and Africa region, though it has a similar arrangement with Hong Kong-based crypto exchange Hashkey.
Bitpanda has been a corporate client of Deutsche Bank in Austria and Spain, but this new agreement is the first to focus on customer-facing services in Germany.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
