N26 expands crypto trading to 5 new European markets
Customers in Germany, Switzerland, Belgium, Portugal and Ireland can now access N26 Crypto.
Despite the downturn in crypto prices over the last 12 months, neobank N26 is expanding its crypto trading offering to five new markets.
Having launched in Austria last October, N26 Crypto is now appearing for customers in Germany, Switzerland, Belgium, Portugal and Ireland, as part of a gradual rollout.
The crypto trading feature has been built with the help of Austrian fintech Bitpanda, which is handling the execution and custody on behalf of N26.
Almost 200 coins and tokens are available, along with portfolio management tools and all for a fee of between 1 per cent and 2.5 per cent depending on which tokens are being traded and whether a customer subscribes to N26 Metal or not.
“Market fluctuations aside, cryptocurrencies continue to remain a requested and interesting asset class for investors and a growing part of the financial system,” said N26’s co-CEO and co-founder Valentin Stalf.
“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.”
Speaking of other ways to grow wealth, N26’s chief product officer Gilles BianRosa, who has overseen the development of N26 Crpyo, also hinted that crypto is merely the first investment asset that N26 is looking to offer.
“With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side - with cryptocurrencies being the first asset class we intend to offer.”
Last year it was reported by Finance Forward that N26 once had intentions of buying Bitpanda in order to develop its crypto trading feature.
According to insiders, the deal quickly fell through and instead transformed into a partnership between the two fintechs.
Over the Christmas period, N26’s leadership team announced a series of changes, including the departure of its chief financial officer and interim chief operating officer, with co-founder and co-CEO Maximilian Tayenthal stepping in as COO and starting the search for a new CFO.