German Online bank N26 to expand crypto trading
On January 17, German online bank N26 announced that it would add Switzerland and Germany to the list of nations where its clients may trade cryptocurrency. N26 also added that it would offer the service to clients in Ireland, Portugal, and Belgium.
As part of its initial entry into the asset class, N26 started providing crypto trading for a select group of consumers in Austria only last year.
Over the past year, the prices of popular cryptocurrencies like bitcoin BTC=BTSP and ether ETH=BTSP have plummeted precipitously as investors have fled riskier investments due to a general slump in global markets and the failure of Sam Bankman-FTX. Fried's. N26 stated that it would gradually introduce broader trading over the ensuing weeks.
The 2013-founded Berlin-based bank has received warnings from regulators for weaknesses in its anti-money laundering procedures. The bank claims that changes have been made.
N26 co-founder and co-CEO, Valentin Stalf says: “Market fluctuations aside, cryptocurrencies continue to remain a requested and interesting asset class for investors and a growing part of the financial system. Cryptocurrency trading is often the entrypoint to investing for a new generation of investors who are looking to explore ways to grow their wealth. With N26 Crypto, we are offering a simple way to trade and invest, with a great user experience and low and transparent fees.”
CBW - External Analyst