Frankfurt The Berlin smartphone bank N26 is expanding trading in cryptocurrencies to a total of six countries. These include Switzerland, Belgium, Portugal, Ireland and Germany. The company announced this on Tuesday morning. N26 launched the offer for the first time in Austria in October last year.
The smartphone bank works with the Viennese crypto trading platform Bitpanda, which provides N26 with the technical infrastructure as a so-called white label solution. This means that in future N26 customers will be able to trade in cryptocurrencies directly in the smartphone bank’s app. Bitpanda carries out the trading and stores the so-called coins.
Bitpanda, which is also aimed at end customers, only received a license from the German financial regulator Bafin for the custody and proprietary trading of cryptocurrencies at the end of November. That’s why the start of the crypto offering from N26 in Germany was a long time coming – until now.
At the beginning there are about 180 different cryptocurrencies to choose from. More coins are to follow in the coming months.
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A transaction fee of 1.5 percent applies exclusively for trading in Bitcoin. For all other cryptocurrencies, a fee of 2.5 percent is due. N26 customers with a Premium Membership “Metal” pay slightly lower transaction fees.
>> Read here: After the bankruptcy of FTX, the industry is fighting for its raison d’être
“Since the launch of N26 Krypto in Austria, we have seen great interest in our cryptocurrency trading product from our customers, including customers outside of Austria,” said an N26 spokeswoman on request. The expansion of the product range on the home market is an important step for N26. So far, the focus in Germany has been on classic banking transactions.
“Continued to be a sought-after and attractive asset class”
The Berlin smartphone bank remains convinced of digital currencies, even in view of the current crypto crisis: “Despite the market fluctuations, crypto currencies remain a sought-after and attractive asset class for investors and a growing part of the financial system,” said N26 co-founder and co-boss Valentin Stalf . For a new generation of investors looking for ways to grow their wealth, cryptocurrency trading is often the way to get started investing.
Nevertheless, the loss of confidence caused by the crises of the past year and above all by the FTX scandal is likely to be great. The spokeswoman said that he was also putting more focus on the topic of regulation. “We see this as an advantage because the focus is on the safety of the asset class and the consumers,” it continues.
The Berlin smartphone bank plans to launch crypto trading in other countries in the coming months. According to N26, it has more than eight million customers in 24 countries. Most recently, the company raised 700 million euros in a financing round at the end of 2021 and was valued at 7.7 billion euros.
More: Survey: Crypto Investors Continue to See Investment as Safe