Berlin-based N26, a challenger bank that offers mobile banking solutions to customers, announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app.
In the coming weeks, N26 Crypto will gradually become available, starting with Austria. The company says this launch responds to a significant local demand where 40 per cent of N26 users either regularly trade cryptocurrencies or have shown interest in doing so.
Over the course of the next six months, N26 will introduce N26 Crypto to important markets.
Gilles BianRosa, CPO at N26, says, “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.”
Everything you need to know about N26 Crypto
N26 Crypto, which has over €6B in deposits in user accounts, is making its first foray into the trading and investing worlds by assisting its clients in managing more elements of their money. Customers who have passed identity verification and eligibility checks by N26 can access N26 Crypto through the “Trading” section under the new “Finances” menu in their N26 app.
Customers only need to choose the currency and the quantity they wish to trade in order to create a position. The monetary equivalent of the deal will then be taken from their bank account and the coins will appear immediately in their N26 Crypto portfolio.
Customers can also opt to close open positions in their N26 Crypto at any time, and when they do, money is immediately made accessible in their primary bank account. Drag and drop capability is offered for both transaction types to make the procedure even more simple.
N26 Crypto reports offering a safe sign-up, complete in-app integration, and clear visualisations of a customer’s cryptocurrency portfolio. Customers will gain from an “easy-to-understand” transaction order with costs to be checked and confirmed before each transaction is executed, in addition to being able to watch their purchase history and portfolio development in real-time.
N26 co-founder and co-CEO, Valentin Stalf, says, “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.”
N26 Crypto is offered in partnership with Austrian-headquartered Bitpanda, which manages the execution of trades and custody of coins. Together, the two fintech companies are providing N26 consumers with a competitive new price structure.
Customers of N26 Metal will be able to conduct transactions with a 1 per cent transaction charge for trading Bitcoin and a 2 per cent transaction fee for trading any other cryptocurrencies. All other N26 users will be able to trade cryptocurrencies at the same competitive rates available directly on Bitpanda’s platform, which is 1.5 per cent for Bitcoin transactions and 2.5 per cent for all other cryptocurrencies.
“The bank account that gives you more control over your money”
Founded in 2013 and launched initially in early 2015 by Valentin Stalf and Maximilian Tayenthal, N26 is a digital bank for consumers and businesses. The company offers services such as deposit accounts, money transfers, bill payments, NFC-enabled debit cards for online/offline purchases, and cash withdrawals, among others.
The platform also offers tools for transaction monitoring. N26 has more than 8 million customers in 24 markets. The company has offices in Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York, and São Paulo, and a team of 1500 employees globally.
N26 operates in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the US, where it operates via its wholly-owned subsidiary, N26 Inc.
In October 2021, the challenger bank raised a record-breaking funding of $900+M (then, nearly €775.57+M) in its Series E round at a valuation of more than $9B (then, approx €7.76B). This made N26 the highest-valued fintech company in Germany and amongst the top 20 fintechs in the world.