N26, a German neobank headquartered in Berlin, partnered with Bitpanda – an Austrian-headquartered crypto broker – to introduce N26 Crypto Trading Feature within the app. It will enable users to trade around 200 different types of cryptocurrency all in one place.
According to the bank’s announcement on October 10th, the new feature will soon debut in Austria, addressing the strong demand for cryptocurrency among almost 40% of N26 users. In addition, the bank plan to gradually release this new product to key markets within the next six months.
Chief Product Officer at N26, Gilles BianRosa, said in the statement:
The N26 banking experience has always been built around the customers’ needs, with features that make money management easy.
BianRosa also asserts that N26 Crypto, the company’s first asset class, is a straightforward, user-friendly product that effortlessly integrates into N26’s fully regulated banking environment, where users can view their bank balance, savings, and investment portfolio side by side.
Additionally, according to Valentin Stalf, co-founder and Co-CEO of the bank, cryptocurrencies are still attractive assets for investors despite declining crypto values over the past year.
He believes that cryptocurrency trading is often the entry point to investing for today’s generation looking to increase their wealth. And with the launch of its digital wallet N26 Crypto, he says they are “offering a simple way to trade and invest, with a great user experience and low and transparent fees.”
Nearly 200 Tokens Available On N26 Crypto
The announcement post also claimed that this feature is a new player in the trading and investing world, with over EUR 6 billion in deposits in client accounts. As a first step, the feature aims to assist its customers in managing more aspects of their finances.
This new feature in this leading banking app will allow almost 200 coins to be traded. It will also provide clear visuals about a customer’s crypto portfolio, showing if an account has been followed and monitored over time, having fast and safe sign-up procedures, and many more.
Furthermore, the bank will make 100 different crypto assets available for trading when its initial offer launches. Later on down the line, the bank intends to offer an additional 94 crypto assets.
Moreover, Bitpanda will primarily be in charge of trading and custody. These two leaders in the fintech sector will work together to provide N26 customers with a competitive new pricing structure. Users of the bank’s Metal pay 1% for trading Bitcoin and 2% for other currencies.
In addition, transaction fees for other N26 consumers are the same low rates available directly on Bitpanda’s platform: 1.5% for Bitcoin and 2.5% for other currencies. However, Bitpanda receives a commission on any trade that is completed through the bank.
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