The $9 billion-valuated German fintech N26 launched crypto trading on its mobile app. Starting from Austria and rolling out to other countries in the upcoming months, N26 Crypto will let its customers buy and sell 200 cryptocurrencies, including Bitcoin (BTC) and Ether (ETH).
The Berlin-based fintech announced on Oct. 20 that the launch in Austria addresses “strong local demand,” with 40% of N26 users either actively trading or have expressed interest in investing in cryptocurrencies. N26 plans to roll out its crypto trading service to other key markets in the next 6 months.
N26 customers with a verified identity can access N26 Crypto from the “Trading” section within their N26 app’s new “Finances” tab. Thus they can buy crypto from their fiat bank account. The transaction fee is set at 1.5% for BTC and 2.5% for other currencies for the usual accounts with some extra discounts for N26 metallic card holders.
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According to N26 co-founder and co-CEO Valentin Stalf, the company sees its new product as an entry point for a new generation of investors, who are interested in digital assets despite the recent market upsets:
“While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system.”
The platform is maintained in a partnership with Vienna-based Bitpanda GmbH, which manages the execution of trades and custody of coins.
In November 2021, N26 announced its exit from the U.S. market and the intention to focus exclusively on the European market. However, the company faced some problems in Europe, too, with the German Federal Financial Supervisory Authority (BaFin) enforcing the new customer cap on the company in May 2021.