N26 launches new cryptocurrency trading product, N26 Crypto
- N26 customers in Austria will be the first to be able to buy and sell cryptocurrencies directly in their N26 App in just a few taps, with N26 Crypto set to roll out to customers in other markets over the coming months
- N26 customers will soon be able to trade almost 200 cryptocurrencies – more than with any other European banking app
- 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
Vienna – The Mobile Bank N26 today announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app. N26 Crypto will first launch in Austria, and will be made available progressively to eligible customers in the market over the coming weeks. The launch addresses strong local demand, where 40% of N26 users are either actively trading, or have expressed interest in investing in cryptocurrencies. The Mobile Bank will roll out N26 Crypto in key markets in stages over the next 6 months.
Gilles BianRosa, Chief Product Officer at N26, said: “The N26 banking experience has always been built around the customers’ needs, with features that make money management easy. 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.”
Customers who have successfully completed N26’s identity verification and eligibility checks can access N26 Crypto from the “Trading” section within their N26 app’s new “Finances” tab. To open a position, they simply need to select the coin and the amount they would like to trade, and the cash equivalent of the trade will be deducted from their bank balance, while coins will appear in their N26 Crypto portfolio instantly. The same immediacy also applies when customers choose to close an open position in their N26 Crypto, with funds made available immediately in their main bank account the moment a position is closed. To make the process even more seamless, drag and drop functionality is available for both transaction types.
N26 Crypto will offer almost 200 coins available to buy and sell, one of the largest selections of available coins to trade in a banking app globally. In addition to the smooth and secure sign-up process, alongside full in-app integration, N26 Crypto also features clear visualizations of a customer's crypto portfolio, making it easy to track the portfolio’s development over time. On top of being able to track their purchase history and portfolio development in real time, customers will also benefit from an easy-to-understand transaction order with fees to be reviewed and confirmed before each transaction is made.
N26 co-founder and Co-CEO, Valentin Stalf said: “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 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.”
The Mobile Bank aims to provide the same easy and intuitive user experience to help make the complex nature of trading cryptocurrencies as seamless as possible, while seeking to also offer useful and relevant contentto inform and empower customers exploring the asset class for the first time ***.
N26 Crypto is offered in partnership with Austrian headquartered Bitpanda GmbH, which manages the execution of trades and custody of coins. Both fintech pioneers have come together to offer a competitive new pricing model for N26 customers. N26 Metal customers will be able to make transactions with a 1% transaction fee applied for trading Bitcoin and 2% for all other available cryptocurrencies. All other N26 customers will be able to trade Bitcoin with a 1.5% transaction fee, and a 2.5% fee for other cryptocurrencies - the same competitive rates offered directly on Bitpanda’s platform. For more information on N26 Crypto, click here.
*N26 will launch its initial offer with 100 coins to trade, with plans to scale up to 194 coins in the coming month. ** N26 research surveying 16,030 respondents in Austria, Germany, France, Italy and Spain. *** The purchase of crypto assets constitutes a high risk and may result in the loss of the money spent. These statements do not constitute investment advice.
N26 AG is Europe’s leading digital bank with a full German banking licence. Built on the latest technology, N26’s mobile banking experience makes managing money easier, more secure and customer friendly. To date, it has welcomed more than 8 million customers in 24 markets, and processes over 100bn EUR in transactions a year. N26 is headquartered in Berlin with offices in multiple cities across Europe, including Vienna and Barcelona, and a 1,500-strong team of more than 80 nationalities. Founded by Valentin Stalf and Maximilian Tayenthal in 2013, N26 has raised close to US$ 1.8 billion from some of the world’s most renowned investors.
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