Crypto trading has been introduced on the mobile app of German fintech N26, which is valued at $9 billion, as reported by Cointelegraph.
N26 Crypto will enable its users to purchase and trade 200 cryptocurrencies, including Bitcoin and Ether, starting in Austria and expanding to other nations in the following months.
The Austrian debut, according to the Berlin-based fintech, responds to “high local demand,” with 40% of N26 customers either actively trading or showing interest in investing in cryptocurrencies. In the upcoming six months, N26 intends to expand its cryptocurrency trading service to additional important markets.
Customers of N26 with verified identities can access N26 Crypto through the “Trading” portion of the brand-new “Finances” tab of their N26 app. So, they can purchase cryptocurrency using their fiat bank account. For standard accounts, the transaction charge is set at 1.5% for Bitcoin and 2.5% for other currencies, with additional discounts available to owners of N26 metallic cards.
The company sees its new offering as an entrance point for a new generation of investors, who are interested in digital assets despite the current market turbulence, according to N26 co-founder and co-CEO Valentin Stalf, ““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.”
N26 stated in November 2021 that it was leaving the American market and would only concentrate on the European one. The German Federal Financial Supervisory Authority (BaFin), which imposed the new customer cap on the corporation in May 2021, caused the company some issues in Europe as well.
(With insights from Cointelegraph)
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