Bitpanda Partners with Deutsche Bank for Real-Time Cryptocurrency Payments
Two financial giants namely Deutsche Bank and Bitpanda have joined forces in order to process cryptocurrency transactions. The project is directed towards enabling inbound and outbound virtual currency payments to benefit German crypto investors.
The unique feature of the partnership is the ability of crypto investors to use a German International Bank Account Numbers to channel the transactions.
Before this partnership, German crypto investors did not have any outlet to make real-time crypto transactions at an inbound or outbound scale. However, with the assistance of Bitpanda the feature is now available.
Benefits of the New Venture
The business venture will also improve transaction speed, security, and increase liquidity for Bitpanda investors based in Germany. At the same time, both partners have granted an API or Application Programming Interface to Bitpanda to access IBANs.
For context, it is important to note that IBANs stand for international codes that allow global transactions in a safe and secure manner using their local bank accounts.
Bitpanda is also working on incorporating this latest feature as a way to improve efficiency and security for all native transactions. Bitpanda account holders are assigned a German IBAN to make deposits and withdrawals in addition to a slew of innovative features.
Real-time Crypto Transactions
Deputy CEO of Bitpanda Lukas Enzersdorfer emphasized on the importance of banking firms making cryptocurrencies more accessible to the public. During the last few years, the exchange has joined forces with a hoard of financial firms such as Raiffeisen Bank International, N26, and LBBW as a way to promote virtual currencies.
Speaking on the matter with the media he noted that the firm has focused its efforts on building trust, compliance, and security among their investors. At the same time, he noted that these steps will help the industry to make the next leap. He further noted that it is not possible to purchase trust and integrity but it is only possible to earn it.
Additionally, Deutsche Bank is set to offer account safety and value-added services to lend support to Bitpanda in terms of treasury operations and reconciliation. According to experts, this process will add to more liquidity within the Bitpanda’s domain markets.
Further shedding light on the matter, Enzersdorfer noticed that bank and crypto partnership is going to benefit the end-users. According to his statement, our designs will help bank customers to unlock the full potential of first-class virtual products.
Further elaborating on the matter of Bitpanda, Enzersdorfer stated that it was a sign of maturity on part of firms such as Bitpanda that it was possible to add Deutsche Bank as a major global banking firm among the various institutions that are partnered with the exchange platform.
For pretext, it is important to note that at the time crypto firms in Europe are changing their infrastructure based on regulatory guidelines provided by MiCA bill.
In another interview with Cointelegraph journalists noticed EU banks are investing in cryptocurrencies and tokenization on account of clarity from MiCA. The new regulatory charter in EU will lay clear path for banking firms in terms of crypto regulations.
Crypto Sector Needs Regulatory Clarity
Enzersdorfer further added that banks are aware of their lack of technical knowledge and decided to skip the research efforts and stay focused on a new product in the market.
In the presence of MiCA European banks have gained regulatory clarity regarding offering crypto services. Nevertheless, the technical infrastructure and knowledge base is still under development.
On this front, the financial institutions have resorted to designated services providers such as Bitpanda in a bid to up the ante. It is important to note that MiCA regulations are set to become effective in the European region starting from December 2024.
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