N26 recently launched N26 Crypto, a new digital currency trading initiative it hopes would gain traction across the West.
German neobank N26 has announced an expansion of its N26 Crypto trading product to Germany, Switzerland, Belgium, Ireland, and Portugal. This development lets customers in these countries gain access to and trade a suite of more than 200 digital currencies. The company said it would roll out the expanded trading gradually over subsequent weeks.
N26 pitches its N26 Crypto scheme as a perk for premium customers. Account holders in its N26 Metal program will be privy to Bitcoin (BTC) transaction fees as low as 1%. Reports also state that standard N26 customers will also have access.
N26 Executives Weigh in on Crypto Trading Expansion
N26 co-founder and co-CEO Valentin Stalf weighed in on the growing popularity of crypto trading, saying:
“Market fluctuations aside, cryptocurrencies continue to remain a requested 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 who are looking to explore ways to grow their wealth.”
The decision by N26 to extend crypto trading to five further European Union (EU) territories follows its Austrian debut in late 2022. As it stands, the German online bank already has €6 billion in assets under management (AUM) and has an existing partnership with Bitpanda. This partnership sees N26 rendering services to the asset management division of the Austrian crypto trading platform.
According to company executives, N26’s banking experience is always centered around customer needs. The virtual banking platform has always provided features that facilitate seamless money management. As N26’s chief product officer, Giles BianRosa, put it:
“With N26 Crypto, we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s 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 trading logs and lucid visual graphs. This way, company officials explain that customers can accurately handle portfolio performance.
How the Feature Works
Customers who fulfill all KYC background checks can access crypto trading from the N26 app’s new ‘Finance’ tab. Opening a position simply requires selecting the desired token and preferred trading amount. Following this step, the app deducts the cash equivalent of the trade from the user’s bank balance. The corresponding coins will appear almost instantly in the trader’s crypto portfolio.
The same also applies when customers close an open trading position in their N26 Crypto. Funds are made available immediately in their primary bank account at the closure of any trading position. N26 also has drag-and-drop functionality for both transaction types to further aid the process.
N26’s expansion comes at a time when the industry is still feeling the ill effects of FTX‘s collapse last November.