Crypto

N26 rolls out crypto trading in Germany, Switzerland, Belgium, Portugal and Ireland

European digital bank N26 announced on Tuesday that it will gradually expand its crypto trading service over the coming weeks.

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Starting with Austria as its first market in 2022, N26 said it will provide the crypto product to customers in Germany, Switzerland, Belgium, Portugal and Ireland. The service, called N26 Crypto, is expected to be available to customers in these countries within the next six months and will initially include over 100 digital tokens.

N26 clients must complete identity verification and eligibility checks before they can access cryptocurrency trading in the “Finances” tab of the app.

The challenger bank, which has more than €6 billion in customer account deposits, also plans to roll out the feature to users in other European markets. It will eventually expand its token offering to nearly 200 cryptocurrencies.

Gilles BianRosa, Chief Product Officer at N26, said: “The N26 banking experience has always been built around customer needs, with features that make managing money easier. With N26 Crypto, we have created a simple and intuitive product that seamlessly integrates with N26’s fully regulated banking experience where bank balance, savings and investment portfolio come together – cryptocurrencies being the first asset class that we intend to offer. ”

N26 co-founder and co-CEO Valentin Stalf said the company is not a laggard in the crypto rush as it remains a demanded and attractive asset class. However, cryptocurrencies were deep in the red throughout 2022 as investors fled the market after The collapse of FTX and also amid fears over higher interest rates and liquidity constraints.

“Market fluctuations aside, cryptocurrencies continue to remain a demanded and attractive asset class for investors and a growing part of the financial system. investing for a new generation of investors looking to explore ways to grow their wealth,” Stalf added.

Behind the scenes, N26’s crypto offering is backed by Bitpanda which manages the trading and custody of digital assets. Founded in 2014, BitPanda is a retail broker for crypto assets, including over 30 cryptocurrencies. The company says it has onboarded over 2.5 million users and plans to expand into real-world assets to create a pan-European offering, with expansion having already begun in France, Spain and Turkey.

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