Bitpanda turns to Deutsch Bank to handle customer deposits and withdrawals

Crypto broker Bitpanda will use Deutsche Bank to handle customer deposits and withdrawals.

Bitpanda announced the partnership in a June 4 blog post, adding that Deutsche Bank will provide real-time payment services to Bitpanda users.

Deutsche Bank will also provide Bitpanda’s German users with local international bank account numbers (IBANs) for deposits.

Bitpanda cited the need to serve local customers as its motivation for the partnership, stating that it is localizing services to remove barriers to customers and offer a “truly local service.”

Bank won’t handle crypto

Deutsche Bank managing director and global head of cash management Ole Matthiessen confirmed details of the partnership in a separate Reuters report.

Matthiessen said Deutsche Bank will support Bitpanda’s treasury and payment processes and handle customer withdrawals and deposits. He clarified that the bank will not be directly involved in the transfer of crypto.

Matthiessen described the lender’s decision to work with Bitpanda as part of a “very cautious” approach toward partnerships.

Other efforts

Both companies are involved in numerous related and unrelated partnerships. A Bitpanda spokesperson told Reuters that the firm is a Deutsche Bank corporate client in Austria and Spain. However, those partnerships do not involve customer-facing services.

Bitpanda also intends to cooperate with Germany’s Landesbank Baden-Württemberg bank on institutional crypto custody this year, Bloomberg reported in April.

Meanwhile, a Deutsche Bank representative told Reuters that the bank has an ongoing partnership with the Hong Kong-based crypto exchange Hashkey.

Deutsche Bank partnered with digital asset firm Taurus on custody and tokenization in 2023. Finally, the bank is involved in Singapore’s tokenization effort, Project Guardian; it described blockchain as key to competition amidst margin compression in connection to the project weeks ago.