Neobank, N26, is expanding its cryptocurrency trading offer to five new markets in Germany, Switzerland, Belgium, Portugal, Germany and Ireland. Previously, it had launched such services in Austria.
The cryptocurrency transaction offering has been made possible in partnership with Austrian fintech, Bitpanda, which manages the execution and custody of cryptocurrencies on behalf of N26.
Nearly 200 coins and tokens are available on N26’s platform, along with portfolio management tools. All services are offered at a fee of between 1% and 2.5%, depending on which coins and tokens are traded and whether or not a customer subscribes to N26 Metal.
“Cryptocurrencies continue to remain a sought-after and interesting asset class for investors and a growing part of the financial system,” said N26 co-CEO and co-founder Valentin Stalf, who added: “Cryptocurrency trading is often the entry point for investment for a new generation of investors looking for ways to increase their wealth.”
Read Also: N26 adds the ability to buy and sell crypto
They start with cryptocurrencies
Speaking of other ways to grow wealth, N26’s head of product, Gilles BianRosa, who is overseeing the development of N26 Crypto, also suggested that cryptocurrencies are just the first investment asset the company wants to offer.
“With ‘N26 Crypto’ we have created a simple, intuitive product that integrates seamlessly with N26’s fully regulated banking experience, where bank balance, savings and investment portfolio sit side-by-side. Cryptocurrencies are the first asset class we intend to offer.”
The partnership and the changes
As a reminder, it was reported by Finance Forward last year that N26 was intending to acquire Bitpanda in order to develop its cryptocurrency trading capability. However, the acquisition did not go ahead, but ended up being a partnership between the two fintechs.
Over the Christmas period, N26’s leadership team announced a number of changes, including the departure of the Chief Financial Officer and interim CEO, with co-founder and co-CEO Maximilian Tayenthal taking over as COO and beginning the search for a new CFO.