According to a statement on Tuesday, cryptocurrency broker Bitpanda has chosen Deutsche Bank (DBK) to handle fiat deposits and withdrawals for its customers in Germany. Users of Bitpanda can now access international bank account numbers (IBANs) in Germany, thereby facilitating the conversion of cryptocurrency to money and vice versa.
Additionally, Deutsche Bank will support both inward and outbound Bitpanda transactions. “We can truly add value for individuals when we bring together the finest elements of the industry… As of right now, our team and users can take advantage of a variety of Deutsche Bank products’, stated Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, in a statement.
The largest state-backed lender in Germany, Landesbank Baden-Württemberg (LBBW), and the Austrian cryptocurrency company joined in April to provide crypto custody services in the nation. The latter part of this year will see the launch of the service. Cryptocurrency and tokenization are nothing new to Deutsche Bank.
Through a partnership with Taurus, the massive German bank expanded its offering last year to include tokenization and crypto custody. Additionally supported by Deutsche Bank, Taurus provides tokenized SME loans via the Teylor lending platform.