Germany’s largest Bank, Deutsche Bank, has partnered with Austrian crypto exchange Bitpanda to facilitate the exchange’s customer fiat deposits and withdrawals.
According to an official statement, Deutsche Bank will provide Bitpanda users in Germany with local bank account numbers to facilitate their fiat currency transactions with the exchange. However, the Bank will not handle any crypto transactions directly. Bitpanda has also clarified that those accounts are not customer-facing.
The Vienna-based crypto exchange and broker has established itself as a key player in the market. With over 4 million users, the exchange offers diverse digital financial products, including fractional stocks, cryptocurrencies, and precious metals.
Deutsche Bank will also support the exchange’s treasury and payment processes as part of the partnership agreement.
This move from Deutsche Bank comes amid regulatory concerns and the potential impact of crypto market volatility on traditional finance. Kilian Thalhammer, Deutsche Bank’s global head of merchant solutions, expressed the Bank’s ambition to become “the preferred bank for high-potential platforms” in the virtual asset investment space.
A Deutsche Bank spokesperson also mentioned that the Bank has a similar partnership with Hong Kong-based crypto exchange Hashkey. Also, Bitpanda is already the Bank’s corporate client in Austria and Spain, but it is the first in the Bank’s Europe, Middle East, and Africa region.
Meanwhile, Ole Matthiessen, the Bank’s global head of cash management, emphasized the institution’s careful approach to its partnerships.
“We only collaborate with highly selective partners and clients who demonstrate robust compliance processes and operate within a regulated framework, meeting our stringent risk management standards,”
Matthiessen stated.
Notably, this is Bitpanda’s second partnership with a traditional financial institution in Germany this year. The biggest German federal and commercial Bank, Landesbann Baden-Württemb rg (LBBW), announced its partnership with the crypto exchange in April 2024 as part of its move to start offering digital asset custody services in the second half of 2024.
LBBW intends to use Bitpanda’s custody platform as an “investment-as-a-service” infrastructure that will allow it to store and procure digital assets such as Bitcoin, Ethereum, and Solana for its customers.
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