N26 launches crypto trading product with Bitpanda integration

Challenger bank N26 is set to launch a new crypto trading feature with the help of Bitpanda. Customers will be able to trade nearly 200 crypto currencies on N26 Crypto using money from their N26 account.

The product will first be available gradually for customers in Austria, before expanding to other markets over the next six months. According to the German digital bank, the trading product will meet local demand, where 40 percent of users are actively trading or have expressed interest in investing in crypto-currencies.

Although crypto-currencies have seen a decline in value over the past year, they remain a demanded and attractive asset class for investors and a growing part of the financial system“, said Valentin Stalf, co-founder and co-CEO of N26.

“Crypto-currency trading is often the entry point into investing for a new generation of investors looking to explore ways to increase their wealth.”

With more than €6 billion in customer account deposits, N26 Crypto aims to help its customers manage more aspects of their finances, the bank said, as it takes its first steps into trading and investing.

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It’s doing so with the help of Austrian fintech Bitpanda, which will manage transaction execution and coin custody.

As the industry evolves, it’s becoming increasingly clear that the best way for fintechs to make a real impact on people’s lives is to work together“, said Eric Demuth, co-founder and CEO of Bitpanda.

“Bitpanda White Label, our investment-as-a-service solution, allows our B2B partners to access the entire Bitpanda infrastructure in a modular, one-to-one fashion.”

This new collaboration between the two major players in the DACH region follows reports revealed by Finance Forward a few weeks ago that N26 was one day planning to acquire Bitpanda.

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According to insiders, the deal quickly fell through, but N26 reportedly had its eyes on the fintech after a few years of reluctance to get into crypto.

With the new partnership, N26 will make 100 coins available for trading initially, with plans to add 94 more.

Transaction fees will vary depending on the type of subscription: metal customers will have to pay 1% on bitcoin and 2% on all other currencies, while all other customers will have to pay an additional 0.5% on both.

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