Viennese cryptocurrency exchange Bitpanda has launched Bitpanda Pay, a service designed to let users transfer funds directly from their Bitpanda accounts into EU bank accounts and to pay their bills.
Announced in an official blog post on October 16, 2019, the new service lets customers send funds from their exchange accounts to any International Bank Account Number (IBAN), the standard numbering system for bank accounts in Europe. With Bitpanda Pay, users can also settle their bills in fiat and send money to others.
Bitpanda Pay is run by Bitpanda Payments, a licensed subsidiary of Bitpanda. The exchange was granted a payment service provider license (PSD2) in April 2019.
“We want to act as the missing link to make digital assets spendable anywhere our users want,” Lukas Enzersdorfer-Konrad, one of the co-managing directors of Bitpanda Payments GmbH, said at the time. “With the license, we are a first mover in Europe to offer convenient and innovative features and services.”
To transfer funds through Bitpanda Pay, Bitpanda users are required to go through a separate verification process in addition to the steps they took to acquire a verified Bitpanda account. This includes using a smartphone to receive a Bitpanda Pay verification code.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.