The German-based bank N26 is expanding its crypto trading services for several EU countries.
In October of last year, N26 launched its first crypto trading services in Austria in collaboration with BitPanda.
Despite regulatory uncertainties, several banks around the world are expanding their reach in the crypto industry.
As per a Reuters report, the German-based Neobank N26 has announced the extension of its cryptocurrency trading services. The bank aims to expand its services to European countries like Germany, Switzerland, Ireland, Belgium, and Portugal.
N26 is a German neobank headquartered in Berlin. N26 was established in 2013, and it currently works in several Single Euro Payments Area (SEPA) member countries. In October of last year, N26 launched its first crypto trading services in Austria in collaboration with BitPanda.
The neobank aims to make cryptocurrency trading easier by eliminating uncertainty, waiting time, and the requirement to download a new app. Users will be able to trade cryptocurrency using their bank account.
N26 will allow users to trade 200 coins with fees of 1.5% for Bitcoin and 2.5% for altcoins. Subscribers of its Metal account service, which costs €17 per month ($18.33 PM), will receive a reduction in trading fees. Metal users can trade Bitcoin for 1% and altcoins for 2% for transactions up to €5,000 per month ($5,392 PM).
However, the neobank will not provide users access to their private keys. N26 stated that it would be a centralized system in which users would not have their own keys and would not be able to transfer cryptocurrency to other accounts. As a result, some people criticized the German bank.
The high demand from clients has prompted not only N26 but also other banks worldwide to grow into crypto services. In September 2022, DBS Bank, Singapore's largest bank, launched its crypto trading services to authorized clients with at least $246,000 in investable assets.
Furthermore, American banks are also offering crypto-related services to their customers. Goldman Sachs launched a Bitcoin-backed cash loan product in April 2022. The Bank of New York Mellon, the world's largest custody bank, announced in October that it will provide crypto asset custody.
This indicates that banks around the world are expanding their reach in the crypto industry by offering such services. Experts believe that the continuous adoption of crypto assets by institutional service providers implies that the industry has enormous potential to grow.
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