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Cryptocurrency users in Germany can now execute instant inbound and outbound transactions using digital assets held on Bitpanda’s platform through International Bank Accounts (IBAN) with Deutsche Bank.
Bitpanda, an Austrian cryptocurrency exchange, has revealed a collaboration with Deutsche Bank, the largest financial institution in Germany. This partnership will enable users of the cryptocurrency exchange to utilize German international bank accounts (IBANs) for making immediate cryptocurrency payments.
The initiative aims to enhance the efficiency and security of transactions involving digital assets. By employing IBAN codes, which are standardized codes for securely managing international transfers, Bitpanda users in Germany will have the capability to perform deposits and withdrawals in real-time through Deutsche Bank accounts.
The collaboration will implement a tailored account solution based on an application programming interface (API) to ensure not only secure financial transactions but also the speed and efficiency of these transactions. Deutsche Bank will serve as an intermediary and data custodian, safeguarding accounts. This strategy will enable Bitpanda to streamline the process of treasury transactions and reconciliations.
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This is not the first instance of cooperation between Deutsche Bank and Bitpanda. The financial institution has previously assisted the cryptocurrency exchange with its operational requirements in Austria and Spain.
Founded in Vienna in 2014, Bitpanda is a prominent European digital asset trading platform. The crypto exchange provides access to over 2,800 different assets, including cryptocurrencies, stocks, ETFs, and commodities. The platform boasts a user base exceeding 4 million. Bitpanda is actively engaging with regulators and holds an EU license.
Kilian Thalhammer, Head of Trading Solutions at Deutsche Bank, stated that the partnership with the regulated crypto exchange will enable the conglomerate to advance its initiatives concerning digital assets. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, noted that the collaboration will enhance the trust relationship between traditional finance (TradFi) and decentralized finance (DeFi) ecosystems, highlighting the role of banks in the widespread adoption of cryptocurrencies. Both representatives concur that establishing a secure and trustworthy environment for users to invest in digital assets is essential for its popularization.
It is noteworthy that in 2023, Deutsche Bank initiated the development of a DeFi platform for investing in tokenized securities, and this year, the financial giant’s advancements will be utilized as part of the international initiative Project Guardian, forming the foundation of standards for tokenization protocols.
Сообщение Crypto Transactions with IBAN Available in Germany появились сначала на CoinsPaid Media.
