Trading In Cryptocurrencies Is Now Available Through Mobile Bank N26

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Last Updated on October 20, 2022 by Bitfinsider

N26, a German fintech company with a valuation of $9 billion, has launched cryptocurrency trading on its mobile app. N26 Crypto will give its customers the ability to buy and sell more than 200 cryptocurrencies, such as Bitcoin and Ethereum, beginning in Austria and expanding to other countries over the course of the next few months.

The Berlin-based financial technology company made the announcement on October 20 that the launch in Austria is in response to “strong local demand.” According to the announcement, forty percent of N26 users are either actively trading cryptocurrencies or have expressed interest in investing in them. Within the next six months, N26 intends to introduce its cryptocurrency trading service to a number of other significant markets.

Customers of N26 who have had their identities verified can access N26 Crypto by going to the “Trading” section of the newly added “Finances” tab in their N26 app. As a result, they are able to buy cryptocurrency using their traditional bank account. The transaction fee is currently set at 1.5% for Bitcoin and 2.5% for all other currencies for standard accounts, with additional discounts available for customers who have a N26 metallic card.

The platform is maintained through a collaboration with Bitpanda GmbH, which is based in Vienna and is responsible for the execution of trades as well as the custody of coins.

N26 made the announcement that it would be leaving the market in the United States in November 2021 and would instead concentrate its efforts solely on the market in Europe. However, the company encountered some difficulties in Europe as well, specifically because the German Federal Financial Supervisory Authority (BaFin) imposed a limit on the number of new customers the company could have in May of 2021.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.