The European digital bank N26 announced on Thursday that it would begin offering a cryptocurrency trading service, with Austria serving as the product’s initial market.
The German fintech N26, valued at $9 billion, has introduced cryptocurrency trading in its mobile app. N26 Crypto will let its users purchase and trade 100 cryptocurrencies, including Bitcoin and Ether, starting in Austria and expanding to additional nations in the coming months.
The Austrian debut, according to the Berlin-based fintech, responds to “strong local demand,” with 40% of N26 customers either actively trading in cryptocurrencies or expressing interest in doing so.
The service, called N26 Crypto will be made available to users in additional markets over the course of the following six months and eventually increase its token offering to include a total of 194 coins.
Customers of N26 with verified identities can access N26 Crypto through the “Trading” portion of the brand-new “Finances” tab of their N26 app. They can thus purchase cryptocurrency using their fiat bank account. The transaction price for standard accounts is set at 1.5% for Bitcoin and 2.5% for other currencies, with additional discounts available to owners of N26 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 N26 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.