Bitpanda Adds IOTA Withdraw and Deposit Functionality and Uses Latest IOTA Tech

In addition to offering withdrawal and deposit functionalities for IOTA, Bitpanda is one of the first companies to use IOTA Hub in a production environment.

We are very pleased to announce not only withdrawal and deposit functionalities for IOTA on Bitpanda, but also that Bitpanda now officially supports the latest IOTA tech — IOTA Hub. Thanks to a close and fruitful collaboration between developers of Bitpanda and the IOTA Foundation we were able to be one of the very first companies who are able to take full advantage of the IOTA Hub in production environment.

Main advantages of the IOTA Hub

The IOTA Hub manages all of the work related to the IOTA Tangle behind a developer-friendly API. Essentially, it translates unfamiliar concepts in IOTA into familiar concepts for both exchanges and developers. “The main idea behind IOTA Hub is to offer a standardised, open-source solution to make the integration of IOTA as simple and easy as possible for any kind of service provider. You can read more about IOTA Hub in an article I wrote for the official IOTA blog”, says Edward Greve, Head of Engineering of IOTA Foundation.

One of the main advantages of the IOTA Hub is that it manages key indexes, provides transaction monitoring, and prevents improper use of the IOTA Tangle. It also increases operational security through secure seed management and optional second-factor signatures.

Collaboration between Bitpanda and IOTA Foundation

“It has been a pleasure working together. The Bitpanda team works quickly and professionally. They were able to set up the IOTA Hub integration with very little support, which we hope demonstrates that the Hub itself is easy to use”, says Greve.

Christian Trummer, CTO and Co-Founder at Bitpanda agrees: “The IOTA Foundation started with the development of the IOTA hub at about the same time we started with IOTA integration on Bitpanda. First we started on our own, but we soon decided that we want to switch to the official IOTA hub from the IOTA Foundation. With the integration of the IOTA hub we are prepared for future IOTA changes and updates.”

Bitpanda developers worked closely together with IOTA Foundation developers on many occasions. Mainly on what to optimize so the IOTA Hub can be used in production. It turned out to be a really great collaboration.

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