N26 Mobile bank has launched crypto trading in partnership with Bitpanda. N26 Crypto is already accessible to Austrian consumers and will soon be offered in other key markets.
The Berlin-based fintech announced on Oct. 20 that the Austrian launch addressed "high local demand," with 40% of N26 users actively trading or interested in investing in cryptocurrency. N26 intends to expand its crypto trading business to other key markets over the next six months.
N26 customers who have confirmed their identification may access N26 Crypto through the "Trading" section of their N26 app's new "Finances" tab. As a result, individuals may purchase cryptocurrency using their fiat bank account. For standard accounts, the transaction cost is set at 1.5% for Bitcoin and 2.5% for other currencies, with some extra discount for N26 metallic card holders.
According to N26 co-founder and co-CEO Valentin Stalf, the business sees its new offering as an entry point for a new generation of investors who are interested in digital assets despite recent market turmoils:
“Although the value of cryptocurrencies has fallen over the past year, they continue to be a desirable and exciting asset class for investors and a developing pillar of the financial system.”
The platform is operated in collaboration with Vienna-based Bitpanda GmbH, which handles transaction execution and currency custody.
N26 announced its withdrawal from the US market in November 2021, with the purpose of focusing only on the European market. However, the company ran into some issues in Europe as well, with the German Federal Financial Supervisory Authority (BaFin) imposing a new customer cap on the company in May 2021.
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