Fintech
Deutsche Bank Partners with Cryptocurrency Firm Bitpanda to Process Fiat Transactions: Report
One of the world’s leading financial services providers is teaming up with Austrian fintech company and cryptocurrency broker Bitpanda.
Second ReutersDeutsche Bank partners with Bitpanda to provide clients with real-time payment solutions for asset transactions.
The partnership will begin to be extended exclusively to German customers.
“This means that fiat currency deposits or withdrawals from Bitpanda will go through the largest German bank. Some banks do not allow customers to transfer funds to cryptocurrency exchanges.”
Many traditional banks have been extremely cautious about getting into cryptocurrencies. Deutsche’s global head of cash management, Ole Matthiessen, says his firm’s approach will, in fact, be “very cautious.”
“We only work with very selective partners and customers who demonstrate robust compliance processes, operate in a regulated environment and meet our high expectations from a risk perspective.”
The bank will not be involved in the transfer of Bitpanda customers’ cryptocurrencies. Deutsche will support Bitpanda’s treasury and payment processes, helping customers move funds in and out of their wallets.
Kilian Thalhammer, global head of trading solutions at Deutsche, says that when it comes to cryptocurrency investments, Deutsche Bank aims to be “the bank of choice for high-potential platforms.”
According to Bitpanda Press releasethe partnership marks an important milestone for the cryptocurrency industry.
“Bitpanda has become the first crypto platform in the world to partner with a major international bank to provide real-time payment services to its users.”
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