Deutsche Bank Partners With Crypto Fintech Firm Bitpanda To Process Fiat Transactions: Report
One of the world’s leading financial service providers is teaming up with Austrian fintech company and crypto broker Bitpanda.
According to Reuters, Deutsche Bank is partnering with Bitpanda to provide customers with real-time payment solutions for asset transactions.
The partnership will begin rolling out exclusively for German customers.
“This means that deposits or withdrawals of fiat currencies from Bitpanda will go through Germany’s largest bank. Some banks do not allow customers to transfer funds to crypto exchanges.”
Many traditional banks have been exceedingly cautious about dipping their toes into crypto. Deutsche’s global head of cash management Ole Matthiessen says his company’s approach will, indeed, be “very cautious.”
“We only work with very selective partners and clients who demonstrate strong compliance processes, operate in a regulated environment and meet our heightened expectations from a risk perspective.”
The bank will not be involved in transferring Bitpanda’s customers’ crypto. Instead, Deutsche will support Bitpanda’s treasury and payment processes while helping clients move funds in and out of their portfolios.
Global head of merchant solutions at Deutsche, Kilian Thalhammer, says that when it comes to crypto investing, Deutsche Bank aims to be “the bank of choice for the high-potential platforms.”
According to a Bitpanda press release, the partnership marks a major milestone for the crypto space.
“Bitpanda has become the first crypto platform in the world to partner with a major international bank to provide real-time payment services for its users.”
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