On Tuesday, Bitpanda and Deutsche Bank reached an agreement to allow Bitpanda customers to make deposits and withdrawals via the Austrian cryptocurrency exchange.
In the past, and particularly since the failure of several crypto-focused banks in 2023, crypto firms have had difficulties obtaining regular banking partners. On the other hand, Deutsche Bank seems to be closing the gap between cryptocurrency and traditional banking, which bodes well for its future.
Bitpanda customers may now utilize Deutsche Bank to deposit and withdraw conventional currencies thanks to this agreement. This matters because there are financial institutions that still limit money transfers to cryptocurrency exchanges.
The partnership between Bitpanda and Deutsche Bank is not new. The exchange’s European operations in Spain and Austria already use its banking services, which facilitate the management of cross-currency transactions.
Bitpanda, which launched in 2014 in Vienna, claims to work with a large number of institutions and boasts a user base of 4 million. It provides access to more than 2,800 digital assets, including 250+ cryptocurrencies, equities, and exchange-traded funds.
“The relationship with Bitpanda is a critical milestone as we create this developing ecosystem via active interaction with prominent industry players,” tweeted Kilian Thalhammer, Deutsche Bank’s global head of merchant solutions.
Bitpanda and Germany’s top federal bank, Landesbank Baden-Württemberg (LBBW), recently announced their partnership to provide bitcoin custody services, with a debut later this year anticipated.
Taurus, a Swiss crypto infrastructure provider, teamed up with Deutsche Bank in October to provide tokenized offers and bitcoin custody services.
In recent years, Deutsche Bank has increased its footprint in the cryptocurrency industry. As a continuation of its plan to connect its customers to cryptocurrency markets and assets, it approached Germany’s financial regulator in June 2023 to get a digital asset custody license.
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