Austrian crypto exchange Bitpanda has joined forces with Germany’s largest lender Deutsche Bank to provide real-time payment solutions.

Crypto exchange Bitpanda is expanding its partnership with Deutsche Bank, Germany’s largest financial lender, to provide banking solutions for incoming and outgoing transactions for users in Germany. The API-based account solution will provide the Austrian crypto exchange with access to German IBANs, according to a press release on Jun. 4.

Speaking with crypto.news, Heinrich Frömsdorf, media spokesperson for Deutsche Bank, noted that with the partnership, the bank wants to achieve “market penetration in completely new areas.” Despite the collaboration, the Frankfurt-headquartered bank highlighted that it still prefers a cautious approach and is not in a rush to expand the list of partnerships in the crypto industry.

“Deutsche Bank would not offer our services to every company in the crypto segment. It must be a clearly licensed and regulated company that also pursues the highest compliance standards internally.”

Heinrich Frömsdorf

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As noted by the press release, Deutsche Bank already supports the operational needs of Bitpanda as its European Hausbank for cross-currency solutions in Austria and Spain. Commenting on the partnership, Bitpanda CEO Lukas Enzersdorfer-Konrad said that Deutsche Bank’s commitment to working with new players in the financial industry “continues to make our partnership possible.”

Bitpanda began its journey in Germany in 2022, when the Federal Financial Supervisory Authority — also known as BaFin — granted the crypto exchange with a license, allowing it to offer services in the German market.

In mid-April, crypto.news reported that Germany’s biggest state-backed lender with over $350 billion in assets under management, Landesbank Baden-Württemberg (LBBW), also plans to launch crypto custody services for its institutional and corporate clients in H2 2024 in a partnership with Bitpanda.

Read more: Bitpanda secures VASP License for digital asset trading in Norway