Neobank N26 to Offer Cryptocurrency Trading With More Than 100 Tokens
N26, a digital bank based in Europe, announced Thursday that it is launching a new crypto exchange service and Austria will be the first country on its list to offer the service. There will be 200 cryptocurrencies, such as Bitcoin and Ether, that will be available to buy and sell on N26 Crypto's mobile app. The app will roll out to other countries in the upcoming months, allowing its users to buy and sell cryptocurrencies.
In the announcement, Valentin Stalf, the CEO of N26 said. “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."
He added, "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."
The N26 Crypto can be accessed from the "Trading" section in the "Finances" tab in the app. A transaction fee of 1.5% is charged for BTC and 2.5% for other currencies in the standard accounts, with some discounts for those with N26 metallic cards.
During a trade, the user selects a coin and specifies how much they wish to buy or sell. According to N26, customers can also move funds between their main account and cryptocurrency portfolio using "drag and drop."
After exiting the United States market in November 2021, N26 decided to solely focus on the European market. In May 2021, the German Federal Financial Supervisory Authority (BaFin) imposed a new customer cap on the company, causing problems for the company in Europe.
CBW - External Analyst