Deutsche Bank Partners with Bitpanda for Streamlined Crypto Transactions

Deutsche Bank struck a deal with Bitpanda

on Tuesday to facilitate customer deposits and withdrawals for the Austrian crypto exchange.

Ordinarily, crypto businesses have faced challenges securing traditional banking partners, especially after the 2023 collapse of several crypto-focused banks. However, in a sign of growing acceptance, Deutsche Bank appears to be bridging the gap between crypto and mainstream finance.

This collaboration allows Bitpanda users to deposit and withdraw traditional currencies through Deutsche Bank. This is significant because some banks currently restrict transfers to crypto exchanges.

Bitpanda’s 4M Users Gain Advantage as Deutsche Bank Expands Crypto Support

Deutsche Bank isn’t new to working with Bitpanda. It already provides banking services for the exchange’s European operations in Austria and Spain, helping them manage transactions in different currencies.

Established in Vienna in 2014, Bitpanda says it has a user base of 4 million and collaborates with numerous institutions. It offers a vast selection of over 2,800 digital assets, encompassing more than 250 cryptocurrencies alongside stocks and ETFs.

Kilian Thalhammer, global head of merchant solutions, at Deutsche Bank, said “the partnership with Bitpanda represents a key milestone as we shape this emerging ecosystem through active engagement with leading industry players.”

License Application and Partnerships Point to Future Strategy

Just last month, Germany’s leading federal bank, Landesbank Baden-Württemberg (LBBW), collaborated with Bitpanda to provide cryptocurrency custody services, expected to launch later this year.

In October, Swiss crypto infrastructure company Taurus collaborated with Deutsche Bank to establish cryptocurrency custody services alongside tokenized offerings for its clientele.

Deutsche Bank has been ramping up its involvement in the crypto space over the last few years. It applied for a digital asset custody license from Germany’s financial watchdog in June 2023, as part of its ongoing strategy to provide its clients with access to cryptocurrency markets and assets.