German fintech company N26, a $9 billion company, has launched cryptocurrency trading on its mobile app. Starting in Austria and moving to other countries in the coming months, N26 Crypto will allow its customers to buy and sell 200 cryptocurrencies, including Bitcoin (
BTC

On October 20, the Berlin-based fintech company announced that the launch in Austria met “strong domestic demand,” with 40% of N26 users actively trading or showing interest in investing in cryptocurrencies. N26 plans to roll out its cryptocurrency trading service in other major markets within the next six months.

Verified N26 clients can access the N26 Crypto from the trading section of the new Finance tab of their N26 app. Thus, they can buy cryptocurrency from their paper bank account. The transaction fee is 1.5% for BTC and 2.5% for other currencies for standard accounts with some additional discounts for N26 coin card holders.

Related Topics: German crypto bank Nuri asks 500,000 users to withdraw funds before closing

According to N26 co-founder and CEO Valentin Stalf, the company sees its new product as an entry point for a new generation of investors interested in digital assets despite the recent market turmoil:

“Despite the fact that cryptocurrencies have declined in value over the past year, they remain a desirable and interesting asset class for investors and an increasing part of the financial system.”
The platform is supported in partnership with Vienna-based Bitpanda GmbH, which manages the execution of transactions and the custody of the coins.

In November 2021, N26 announced its withdrawal from the US market and its intention to focus exclusively on the European market. However, the company also faced some problems in Europe when the German Federal Financial Supervisory Authority (BaFin) introduced a new limit on the number of the company’s customers in May 2021.

Source: CoinTelegraph

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