Customers in Austria can already use N26 Crypto, and it is planned to expand to other important markets.
The German fintech N26, valued at $9 billion, has made crypto trading available through its mobile app.N26 Crypto will allow its customers to buy and sell 200 cryptocurrencies, including Bitcoin (BTC tickers down $19,139) and Ether (ETH tickers down $1,298), beginning in Austria and expanding to other nations in the coming months.
The fintech with its headquarters in Berlin made the announcement on October 20 that the launch in Austria addresses "strong local demand," with 40% of N26 users either actively trading in cryptocurrencies or expressing an interest in doing so.In the next six months, N26 intends to expand its crypto trading service to additional important markets.
N26 Crypto can be accessed by N26 app users with a verified identity through the "Trading" section of the new "Finances" tab.As a result, they can use their fiat bank account to buy crypto.For standard accounts, the transaction fee is set at 1.5% for Bitcoin and 2.5% for other currencies, with discounts for N26 metallic card holders.
Valentin Stalf, co-founder and co-CEO of N26, says the company sees its new product as a way for a new generation of investors, who are interested in digital assets despite recent market turmoil, to get started:
The execution of trades and custody of coins are managed by Vienna-based Bitpanda GmbH, which maintains the platform.
N26 announced in November 2021 that it would no longer be operating in the market in the United States and would instead solely concentrate on the European market.However, the German Federal Financial Supervisory Authority (BaFin) imposed a new customer cap on the company in May 2021, which caused the company to run into some issues in Europe as well.