The German neobank, which has 8 million customers, has chosen Austria as the first country to test its trading service.
German neobank N26 takes a step into cryptocurrencies. The bank has decided to partner with Bitpanda’s cryptocurrency exchange platform to launch a trading offering offering more than 100 cryptocurrencies.
“The launch of this investment product responds to a strong aspiration of N26 customers. In 2022, 40% of them indicated that they wanted to invest in cryptocurrencies”, emphasizes N26 in a press release.
In France in 2023
The offering is expected to arrive in other European countries in the first six months of 2023, including France, N26 confirmed to BFM Crypto.
“While cryptocurrencies have experienced a decline in value over the past year, they remain an attractive asset class, often the entry point for a new generation of investors,” said Jérémie Rosselli, CEO of N26. France and BeNeLux.
A time too late
Launched in 2015, N26 now has more than 8 million customers, including more than 2.5 million in France. N26 is not the first neobank to enter cryptocurrency trading.
In addition to the cryptocurrency trading offer launched a year ago by the French unicorn Lydia, it was Revolut, which in 2017 became the first global neobank to offer buying and selling cryptocurrencies on its platform.
This summer, the neobank with 18 million customers announced that it wanted to work on a decentralized wallet to store its cryptocurrencies. This wallet would bring in Revolut in particular a world of decentralized finance (DeFi).
Neobank N26 has detailed the fees applied depending on trading bitcoin or other cryptocurrencies. While N26’s fees are in line with what other neobanks like Revolut offer, they are still higher than what exchanges like Binance can offer today.