- N26 is launching crypto trading services for customers in Austria.
- The bank will allow Austrians to trade over 200 cryptos in partnership with Bitpanda.
- The German-based bank joins the industry pretty late after Visa, Mastercard, Revolut, and PayPal.
The European digital banking giant N26 is entering the crypto industry, allowing Austrian customers to trade in cryptocurrencies.
N26 intends to expand its service to clients in the upcoming months and facilitate the trade of almost 200 cryptocurrencies. Along with the collaboration of Bitpanda, the bank will offer the proposed only to Austrians.
Moreover, The Chief Product Officer of N26, Gilles BianRosa, said that the bank would provide crypto trading as a wealth-building option, implying consumers may buy and sell tokens but cannot move the assets to other digital wallets.
In a footnote to its press release, N26 noted that the acquisition of crypto assets involves significant risk and may result in the loss of money. Yet, crypto represents an in-demand fascinating asset class, according to N26’s Co-CEO Valentin Stalf.
The Co-CEO added:
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
The Berlin-based bank is joining the crypto industry pretty late, especially as investor appetite is dropping due to the bear market. Payment behemoths like Visa, Mastercard, Revolut, and PayPal, already offer their customers the opportunity to purchase and sell digital assets.
Nonetheless, a story last week by Reuter hinted that N26 reported a more comprehensive loss for 2021 and a slowing in customer growth, representing a year of setbacks for one of Europe’s most valuable tech companies.
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