Customers in Austria may already purchase N26 Crypto, and it will soon be made available in other important markets.
Crypto trading has been introduced on the mobile app of German fintech N26, which is valued at $9 billion. N26 Crypto will let clients purchase and trade 200 cryptocurrencies, including Bitcoin and Ether, in Austria and other countries in the coming months.
The Berlin-based fintech said on Oct. 20 that the Austria launch addresses “strong local demand,” with 40% of members actively trading or interested in investing in cryptocurrencies. N26 intends to expand its cryptocurrency trading business to additional important markets during the following six months.
Customers with verified identities can access N26 Crypto through the “Trading” portion of the brand-new “Finances” tab of their app. So, they can purchase cryptocurrency using their fiat bank account. For standard accounts, the transaction charge is set at 1.5% for Bitcoin and 2.5% for other currencies, with additional discounts available to owners of the company metallic cards.
The company sees its new offering as an entrance point for a new generation of investors, who are interested in digital assets despite the current market turbulence, according to the company co-founder and co-CEO Valentin Stalf:
“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.”
The platform is kept up-to-date through a collaboration with Vienna-based Bitpanda GmbH, which oversees trade execution and coin custody.
N26 stated in November 2021 that it was leaving the American market and would only concentrate on the European one. The German Federal Financial Supervisory Authority (BaFin), which imposed the new customer cap on the corporation in May 2021, caused the company some issues in Europe as well.
