The 2014-founded Austrian cryptocurrency platform intends to improve user identification in the German market by utilizing Bankident, an innovative digital and flexible KYC solution from Solaris.

Customers may use their bank account to authenticate their identity using the Banking-as-a-Service (BaaS) solution, which complies fully with EU anti-money laundering laws.

Announcing the partnership, Bitpanda's commercial lead for Germany, Maik Brodowski, says the goal was to give customers "a secure, compliant, seamless, and accessible experience when creating and opening their Bitpanda account, regardless of the market." The strategic move was to "enable our customers to start trading within minutes."

He continues, "Solaris's Bankident KYC solution enables us to accomplish this goal in Germany."

The businesses are already familiar with one another, since Bitpanda's debit card program is now issued and processed by Solaris throughout the European Economic Area.

The first half of 2024 has been hectic for both businesses. Solaris closed a €96 million Series F investment round in March, while Bitpanda was chosen by Germany's biggest federal bank, Landesbank Baden-Württemberg, to provide cryptocurrency custody services to its business clientele in April.