Bitpanda Collaborates with Deutsche Bank for Customer Deposits and Withdrawals

By: Isha Das

Crypto broker Bitpanda has partnered with Deutsche Bank to streamline the handling of customer deposits and withdrawals. Bitpanda made this announcement in a recent blog post, highlighting that Deutsche Bank will now offer real-time payment services for Bitpanda users. This move aims to localize services, removing barriers for users and providing a truly local service experience.

Deutsche Bank's managing director and global head of cash management, Ole Matthiessen, confirmed the details of the strategic partnership. According to Matthiessen, the bank will support Bitpanda's treasury and payment processes. However, it is crucial to note that Deutsche Bank will not be directly involved in the transfer of cryptocurrencies. Matthiessen described this partnership as part of the bank's "very cautious" approach toward collaborations in the crypto sector.

Bitpanda aims to address the needs of its local customers by offering users in Germany local international bank account numbers (IBANs) for more straightforward deposits. The partnership underscores both companies' ongoing effort to expand their services and enter new markets.

In addition to this partnership, both entities are engaged in several other collaborations. Bitpanda is a corporate client of Deutsche Bank in Austria and Spain, although those partnerships do not involve customer-facing services. Moreover, Bitpanda announced plans to work with Germany's Landesbank Baden-Württemberg (LBBW) on institutional crypto custody later this year.

Deutsche Bank is also no stranger to the crypto world. The bank is in partnership with the Hong Kong-based crypto exchange Hashkey and teamed up with digital asset firm Taurus in 2023 for custody and tokenization services. Additionally, Deutsche Bank is involved in Singapore's tokenization initiative, Project Guardian, viewing blockchain as a vital tool to remain competitive amidst margin compression.