The crypto market continues to develop despite the crisis. The big players in finance have understood this and many continue to bet on crypto. Banks are thus continuing to open up to cryptos. For example, the neobank N26 has just launched a new service that provides access to crypto trading.
N26 offers a new crypto trading service
The German neobank is estimated at 9 billion dollars. In the field of neobanks, N26 has made a name for itself. Created in 2013, the bank has more than 1,500 employees and brings together more than 7 million customers. To increase its range of offers and take its competitors by surprise, the N26 bank has just set up a new trading service for cryptocurrencies. Concretely, with this service, N26 users will be able to trade, buy and sell cryptos.
The service offered by the bank concerns around a hundred cryptos and tokens. Among the coins available for trading, we find Dogecoin (DOGE), Solana (SOL), Avalanche (AVAX) or even Shiba Inu (SHIB). This service will appear under the “finance” tab in the N26 mobile app.
“Even though cryptocurrencies have seen their value decline over the past year, they remain a demanded and attractive type of asset for investors and a rising sector of the financial system. Cryptocurrency trading is often the entry point to investing for a new generation of investors looking for ways to increase their fortunes. » Valentin Stalf, CEO of the N26 bank
Cryptocurrency investing is offered by eToro (Europe) Ltd as a PSAN, registered with the AMF. Cryptocurrencies are very volatile. No consumer protection.
The Bitpanda exchange multiplies the licenses
The project of going into crypto is not new for N26 bank. In fact, we knew since July 2021 that the neobank was working on such a project. Initially, the service was to arrive at the end of 2021.
To enable crypto trading, the bank approached a specialist in the field, Bitpanda. Bitpanda is a crypto exchange, so it is a platform that allows you to buy, sell and exchange cryptos. Bitpanda is a centralized crypto exchange in the same way as Binance, Coinbase or Crypto.com.
The use of N26’s crypto service is subject to obtaining licenses from Bitpanda. At the moment, the exchange does not have not yet licenses in all European countries. Also, it will still be necessary to wait a little for certain countries to be able to access the service offered by N26.
For example, at the time of writing this article, Bitpanda has no license in Germany. The exchange is working hard with local regulator BaFin to get it. So it’s probably just a matter of time. Conversely, Bitpanda already has licenses in the following countries: Austria, France, Italy, Sweden, Spain.
