Bitpanda has announced a new partnership with Deutsche Bank to manage customer deposits and withdrawals, according to a June 4 blog post. Deutsche Bank will facilitate real-time payment services for Bitpanda users and provide local international bank account numbers (IBANs) for German customers to use for deposits.

The partnership aims to enhance local service offerings, eliminating barriers for customers and providing a more personalized experience. However, Deutsche Bank clarified that it will not directly handle cryptocurrency transfers but will support Bitpanda's treasury management and payment processes.

Ole Matthiessen, managing director and global head of cash management at Deutsche Bank, affirmed these details in a separate Reuters report, highlighting the bank's cautious approach to such collaborations. He also noted that while Bitpanda is a corporate client of Deutsche Bank in Austria and Spain, these existing relationships do not involve customer-facing services.

Additionally, Bitpanda plans to collaborate with Germany’s Landesbank Baden-Württemberg on institutional crypto custody services later this year, as reported by Bloomberg in April. Meanwhile, Deutsche Bank has previously engaged in partnerships within the digital asset space, including with Taurus for custody and tokenization in 2023, and participation in Singapore’s Project Guardian for blockchain-based initiatives.