N26 recently launched N26 Crypto, a new digital currency trading initiative that it expects to gain traction in the West.
The German neobank N26 has announced an expansion of its N26 cryptocurrency trading product to Germany, Switzerland, Belgium, Ireland and Portugal. This development allows clients in these countries to access and operate a suite of more than 200 digital currencies. The company said it would roll out expanded trading gradually over the next few weeks.
N26 presents its N26 Crypto scheme as a benefit for premium customers. Account holders in his N26 Metal program will be aware of Bitcoin (BTC) transaction fees as low as 1%. Reports also indicate that standard N26 customers will also have access.
N26 executives weigh in on expanding cryptocurrency trading
N26 co-founder and co-CEO Valentin Stalf weighed in on the growing popularity of cryptocurrency trading, saying:
“Market fluctuations aside, cryptocurrencies continue to be a sought after and interesting asset class for investors and a growing part of the financial system. Cryptocurrency trading is often the entry point to investing for a new generation of investors looking to explore ways to increase their wealth.”
N26’s decision to extend cryptocurrency trading to five other European Union (EU) territories follows its debut in Austria in late 2022. As it stands, the German online bank already has 6 billion euros in assets. under management (AUM) and has an existing partnership with Bitpanda. This partnership sees N26 servicing the asset management division of the Austrian cryptocurrency trading platform.
According to company executives, the N26 banking experience is always focused on customer needs. The virtual banking platform has always provided features that make it easy to manage money without any hassle. As N26 Product Manager Giles BianRosa said:
“With N26 Crypto, we have created a simple and intuitive product that integrates seamlessly into N26’s fully regulated banking experience, where bank balance, savings and investment portfolio sit side by side, with cryptocurrencies being the first asset class we intend to offer. ”
N26 Crypto’s interface is designed to be accessible, providing real-time trade records and lucid visual charts. In this way, company officials explain that clients can accurately manage portfolio performance.
How the feature works
Clients who comply with all KYC background checks can access cryptocurrency trading from the new “Finance” tab of the N26 app. Opening a position simply requires selecting the desired token and preferred trade amount. After this step, the application deducts the cash equivalent of the transaction from the user’s bank balance. The corresponding coins will appear almost instantly in the cryptocurrency wallet of the trader.
The same applies when clients close an open trading position on their N26 Crypto. Funds are immediately available in your primary bank account at the close of any trading position. N26 also has drag and drop functionality for both types of transactions to further aid the process.
The N26 expansion comes at a time when the industry is still feeling the ill effects of the FTX collapse last November.
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Tolu is a Lagos-based blockchain and cryptocurrency enthusiast. He likes to demystify the crypto stories down to the basics so that anyone anywhere can understand them without too much prior knowledge. When he’s not up to his neck in crypto-stories, Tolu likes music, loves to sing, and is an avid movie buff.
