N26 Rolls Out Crypto Trading Services in Austria with Over 100 Tokens

German neobank N26 has partnered with investment platform Bitpanda to roll out crypto trading tools, its debut into the asset class. This came amid widespread crypto adoption by financial institutions. Many banks worldwide have ventured into offering crypto-related services to satisfy the increasing demands of their customers. Even banks that had initially disregarded the ideas of digital assets have started crypto trading and other related operations. 

It is a known fact that the crypto space is currently in a mess, with major cryptocurrencies falling about 70% to 80% from their all-time highs. Many investors have also ditched the top crypto asset Bitcoin and the second largest crypto ETH amid broader economic downturns. Despite the current situation of the crypto market, institutions are not backing off in debuting and expanding in the industry. 

N26 Kickstarts Crypto Trading Operations

With the latest development, N26 customers in Austria can trade more than 10 tokens. Some of these include Shiba Inu (SHIB), Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX). As the Austria market becomes the first to access the new N26 crypto trading service, the bank plans to expand its reach to more jurisdictions in the coming months. Although the bank teamed up with Bitpanda for the trading and custody of the cryptocurrencies, the investment platform does not have a German license. This appears to be a challenge for N26 in offering its new crypto trading service in its home market. A Bitpanda spokesperson said, “the BaFin license comes with an exceptionally high priority. According to the representative, the investment company has been seeking authorization from the German financial regulator. 

N26 enabled its trading tools via APIs from Bitpanda White Label, which gives platforms access to its tools. The neobank will introduce a “Finances” tab on its app where customers can use the trading new additions. N26 CEO Valentin Stalf stated:

“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. 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.”

Earlier this year, Coinspeaker reported that 26 was working towards a public debut. The company said at the time that it was targeting to launch its initial public offering (IPO) before the end of 2022. The company’s founder Maximilian Tayenthal said the neobank could be ready as early as 2024. However, he added that the German-based company is in no hurry to debut its stock market service. 

“We are not stressed to enter the public markets anytime soon; the private markets have proven to be incredibly liquid,” added he.