Bitpanda Drafts Deutsche Bank to Process Fiat Transactions in Germany

• The partnership will allow Bitpanda to provide local IBANs for its users.

• The German bank will also provide support to incoming and outgoing transactions on Bitpanda.

Crypto broker Bitpanda has enlisted Deutsche Bank (DBK) to process fiat deposits and withdrawals for its users in Germany, according to an announcement on Tuesday.

Bitpanda users can now access German international bank account numbers (IBANs), effectively converting crypto to fiat and vice versa. Deutsche Bank will also provide support for incoming and outgoing transactions on Bitpanda.

“Bringing the best parts of the industry together is where we can create real value for people … From today, we can access a range of Deutsche Bank’s products, unlocking benefits for our team and our users,” said Lukas Enzersdorfer-Konrad, Bitpanda’s deputy CEO, in the statement.

In April, the Austrian crypto firm partnered with Germany’s largest state-backed lender, Landesbank Baden-Württemberg (LBBW), to offer crypto custody services in the country. The service will go live in the second half of this year.

Deutsche Bank is no stranger to crypto and tokenization. The German banking giant added crypto custody and tokenization to its repertoire last year through a collaboration with Taurus.

Taurus, which is also backed by Deutsche Bank, also offers tokenized SME loans through the lending platform Teylor.