Germany’s N26 Bank Bucks the Trend, Seeks to Expand its Crypto Trading Offering to More Countries
German digital bank N26 has announced it is increasing the number of nations where its clients are allowed to trade cryptocurrencies, adding Germany, Switzerland, Belgium, Portugal, and Ireland to the list.
“Eligible N26 customers in these markets will soon be able to trade almost 200 cryptocurrencies – more than with any other European banking app,” the online bank said in a statement.
“With over EUR 6 billion of deposits in customer accounts, N26 Crypto aims to help its customers manage more aspects of their finances as its first step into the trading and investment space,” according to N26.
Last year, in a bid to expand its customers’ exposure to crypto in selected European markets, the digital bank enabled its clients in Austria to trade crypto. N26 was set up in 2013, and it is based in Germany’s capital Berlin.
“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 entrypoint to investing for a new generation of investors who are looking to explore ways to grow their wealth. With N26 Crypto, we are offering a simple way to trade and invest, with a great user experience and low and transparent fees,” said Valentin Stalf, the co-founder and co-CEO of the bank.
N26 says it runs its operations based on a full German banking license granted in 2016, owing to which its customers can open bank accounts that have a German iBAN and are protected for up to €100,000 ($108,000) by the German Deposit Protection Scheme, in line with to European Union’s directives.
N26’s services are used by more than 8 million customers in 24 markets across the world, as indicated by data from the German bank. N26’s clients can also obtain a virtual Mastercard connected with their account.
In October 2022, Bitpanda announced that it joined forces with the digital bank to provide its customers with access to crypto trading. This partnership paved the way for a team-up between two major fintechs of Europe’s German-speaking DACH region.
“Through Bitpanda’s White Label Solution, it’s now possible for N26’s users to invest in almost 200 cryptocurrencies from as little as €1 — depending on their budget and risk appetite,” the announcement said. Bitpanda declared it was “excited to join N26 on their next step, as we offer Bitpanda’s digital investment infrastructure to help more people discover the world of crypto investing as it should be: simple, fast, secure, and at your fingertips.”