N26 launches crypto trading product with Bitpanda integration
Customers will be able to trade almost 200 different cryptocurrencies directly through their N26 account.
Challenger bank N26 is set to launch a new crypto trading feature, with the help of Bitpanda.
The product will first be available progressively to customers in Austria before gradually rolling out to other markets over the next six months.
According to the German digital bank, the trading product will address local demand, where 40 per cent of users are either actively trading or have expressed interest in investing in crypto.
“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,” N26 co-founder and co-CEO Valentin Stalf said.
“Cryptocurrency trading is often the entry point to investing for a new generation of investors who are looking to explore ways to grow their wealth.”
With more than €6bn of deposits in customer accounts, N26 Crypto aims to help its customers manage more aspects of their finances, the bank said, as it makes its first step into trading and investing.
It does so with the help of Austrian fintech Bitpanda, which will manage the execution of trades and the custody of coins.
“As the industry evolves it is becoming increasingly clear that the best way for fintechs to truly have an impact on people’s lives is by working together,” Bitpanda co-founder and CEO Eric Demuth said.
“Bitpanda White Label, our investing-as-a-service solution, gives our B2B partners access to the whole Bitpanda infrastructure in a modular and individual way.”
This new collaboration between the two big players in the DACH region follows the news that Finance Forward revealed just a few weeks ago that N26 once had intentions of buying Bitpanda.
According to insiders, the deal quickly fell through, but N26 reportedly had its eyes on the fintech after a few years of reluctance to branch out into crypto.
With this new partnership, N26 is making 100 coins will be available to trade initially, with plans to add another 94.
There will be varying levels of transaction fees based on subscription type – metal customers will be charged one per cent on Bitcoin and two per cent on all other currencies, while all other customers will be charged an extra 0.5 per cent on both.