Berlin neobank starts crypto trading in Germany
The Berlin neobank N26 is now starting trading in cryptocurrencies in Germany. In the future, customers will be able to buy and sell around 200 digital currencies such as Bitcoin, Ethereum and Co. via the company’s app.
Customers of Neobank N26 can now also trade cryptocurrency in Germany via the company’s app. The fintech gave that in one official notice known. Accordingly, the portfolio in the N26 app will in future contain around 200 digital currencies such as Bitcoin, Ethereum and Co.
N26 Krypto: Online bank starts trading with Bitcoin and Co.
The “N26 Krypto” offer was launched in Austria in October 2022. The company is now expanding its trade to Germany, Belgium, Portugal, Ireland and Switzerland. To this end, the neobank is cooperating with the Austrian trading platform Bitpanda, which is responsible for custody and trading with the cryptocurrencies.
This had already been indicated, since the financial supervisory authority Bafin had already granted the company a corresponding crypto custody license in November 2022. According to N26, crypto trading is to be gradually integrated into the app in the coming weeks.
Customers who have proven their identity and have passed an authorization check can then trade around 200 different tokens. The range is also to be expanded. Meanwhile, N26 charges 1.5 percent fees per Bitcoin transaction. All other cryptocurrencies are charged at 2.5 percent.
Cryptocurrencies in the bear market
The “N26 Krypto” offer is primarily aimed at people who are trading with digital currencies for the first time. However, the announcement comes at a time when crypto trading is in a bear market. Because since May 2022, the prices of numerous coins have collapsed massively.
Many companies also rely on cost-cutting measures. So does Bitpanda, which laid off around 200 employees in the summer of 2022. The results and insolvency surrounding the FTX crypto exchange are still keeping the industry in suspense. Valentin Stalf, co-founder and co-CEO of N26, was nevertheless confident:
Regardless of market volatility, cryptocurrencies continue to be a desirable and interesting asset class for investors and a growing part of the financial system. Cryptocurrency trading is often the gateway for a new generation of investors looking for ways to grow their wealth.
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