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- N26 crypto will allow users to trade up to 100 cryptocurrencies, including BTC and ETH.
- N26 plans the first launch of this feature in Austria, then extends to other markets within six months.
Despite the bear market, many companies worldwide are still seeking to expand their businesses. In addition, more traditional financial institutions have started exploring the crypto space by launching crypto investment products to fulfill the demand of their customers.
For instance, the trillion-dollar asset manager, Fidelity Investments, launched an Ethereum Index Fund earlier this month. Today, it announced the launch of its ETH custody and trading services for its biggest clients.
N26 launches crypto trading service
In a related development, a European digital bank and another trillion-dollar asset manager, N26, announced the launch of a crypto trading service for its clients. The official statement stated that the trading service would be first available for the Austrian market in the next few weeks. The announcement added that trading would involve 100 crypto tokens, including Ether and Bitcoin.
Some things are just so easy to do, you can nail it on the first try. What’s the easiest thing you plan on doing today? Tell us in the comments! And if you are in Austria 🇦🇹, get ready to say #CryptoSoEasy. 😍 Coming soon in your N26 app. #iN26 pic.twitter.com/Sbj5JPrGaK
— N26 (@n26) October 20, 2022
The asset manager plans to extend this service to other markets within six months. It also plans to increase the number of tradeable cryptocurrencies from 100 to 194 within the same period. N26’s chief product officer, Gilles Bianrosa, commented on the new service.
He said the bank’s new brokerage service would enable users to invest in crypto without taking huge risks. However, Germany-based N26 seemed late to the crypto rush compared to its fintech rivals, Revolut and PayPal.
The latter two have long enabled digital asset trading services for their users. In addition, Austria-based crypto and stock trading app, BitPanda, will provide technical support for N26’s crypto trading service. Bitpanda receives an undisclosed commission for each transaction N26 processes on its platform.
Bianrosa spoke on whether N26’s customers are interested in crypto investment, considering the bearishness in the crypto market this year. He said that the company’s customers have a “super high” interest in exploring investments in the crypto space.
According to her, the bear market hasn’t reduced its customers’ interest in investing in crypto. The top two digital assets (Bitcoin and Ethereum) have lost more than 50 percent of their value since hitting peak levels. Many industry analysts commented that N26 shouldn’t have launched its service when the crypto market is declining.
However, Bianrosa argued that the company isn’t basing the launch of its products on the market’s current performance. Instead, it has a long-term view of this newly-launched service and other services.
N26 and financial regulators
N26’s new service launch also comes at a time global financial regulators are becoming stricter about activities in the crypto sector. Various regions, notably the European Union, have drafted regulations protecting investors’ crypto investments.
Recently, BaFin (Germany’s financial regulator) sanctioned N26 over allegations of a loophole in its fraud protection systems. However, Bianrosa said that N26 has an excellent relationship with global regulators. He added that the company has regulatory approvals for all its product offerings, and they are aware of their other plans.