Bitpanda, a crypto broker, has announced a partnership with Deutsche Bank to manage customer deposits and withdrawals effectively. This collaboration, revealed in a blog post on June 4, will see Deutsche Bank providing real-time payment services and issuing local international bank account numbers (IBANs) for Bitpanda's German users to facilitate deposits.

According to Bitpanda, the partnership aims to cater better to local customers by offering seamless services and eliminating barriers, thus providing a more localized experience.

Deutsche Bank's managing director, Ole Matthiessen, confirmed the details of the collaboration in a Reuters report. He specified that Deutsche Bank will support Bitpanda in managing its treasury operations and processing customer transactions. However, Matthiessen clarified that the bank will not be involved in handling cryptocurrency transfers directly.

Matthiessen described the partnership as part of Deutsche Bank's cautious approach to such collaborations, focusing on supporting financial processes without directly engaging in crypto transactions.

Both Bitpanda and Deutsche Bank are involved in various partnerships, although their existing collaborations in Austria and Spain as corporate clients do not currently extend to customer-facing services. Additionally, Bitpanda plans to work with Landesbank Baden-Württemberg on institutional crypto custody, as reported by Bloomberg in April.

Deutsche Bank, on the other hand, has ongoing partnerships with entities like Hong Kong's Hashkey for crypto-related services and collaborated with Taurus in 2023 on digital asset custody and tokenization. Moreover, the bank participates in Singapore's Project Guardian, emphasizing blockchain's role in maintaining competitiveness amid margin compression.