N26 customers in Germany, Switzerland, Belgium, Portugal, and Ireland will now be able to buy and sell cryptocurrencies directly in their N26 App in just a few taps
The Mobile Bank N26 today announced the launch of its cryptocurrency product in further markets. Launched late last year in Austria, N26 Crypto will now allow eligible customers in Germany, Switzerland, Belgium, Portugal, and Ireland to buy and sell almost 200 cryptocurrencies in their N26 app. The product will be made available progressively to eligible customers over the coming weeks, starting today.
Gilles BianRosa, Chief Product Officer at N26, said: “The N26 banking experience has always been built around the customers’ needs, with features that make money management easy. With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side – with cryptocurrencies being the first asset class we intend to offer.”
Customers who have successfully completed N26’s identity verification and eligibility checks can access N26 Crypto from the “Trading” section within their N26 app’s new “Finances” tab. To open a position, they simply need to select the coin and the amount they would like to trade, and the cash equivalent of the trade will be deducted from their bank balance, while coins will appear in their N26 Crypto portfolio instantly. The same immediacy also applies when customers choose to close an open position in their N26 Crypto, with funds made available immediately in their main bank account the moment a position is closed. To make the process even more seamless, drag and drop functionality is available for both transaction types.
N26 Crypto will offer almost 200 coins available to buy and sell, one of the largest selections of available coins to trade in a banking app globally. In addition to the smooth and secure sign-up process, alongside full in-app integration, N26 Crypto also features clear visualizations of a customer’s crypto portfolio, making it easy to track the portfolio’s development over time. On top of being able to track their purchase history and portfolio development in real time, customers will also benefit from an easy-to-understand transaction order with fees to be reviewed and confirmed before each transaction is made.
N26 co-founder and Co-CEO, Valentin Stalf said: “Market fluctuations aside, cryptocurrencies continue to remain a requested and interesting asset class for investors and a growing part of the financial system. 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 Mobile Bank aims to provide the same easy and intuitive user experience to help make the complex nature of trading cryptocurrencies as seamless as possible, while seeking to also offer useful and relevant content to inform and empower customers exploring the asset class for the first time**.
N26 Crypto is offered in partnership with Bitpanda Asset Management GmbH, which manages the execution of trades and custody of coins. Both fintech pioneers have come together to offer a competitive new pricing model for N26 customers. N26 Metal customers will be able to make transactions with a 1% transaction fee applied for trading Bitcoin and 2% for all other available cryptocurrencies***. All other N26 customers will be able to trade Bitcoin with a 1.5% transaction fee, and a 2.5% fee for other cryptocurrencies – the same competitive rates offered directly on Bitpanda’s platform. For more information on N26 Crypto, click here.
*N26 will launch its initial offer with 180+ coins to trade **The market for crypto assets and the purchase of crypto assets constitute a high risk. Crypto assets are subject to high fluctuations in value, and there is no real underlying asset. Declines in value or a rapid, complete loss of the money spent are possible at any time. Past performance is not a reliable indicator of future performance. ***N26 Crypto in these countries is powered by Bitpanda Asset Management GmbH. Discounted Metal fees are applicable to trading amounts up to 5,000 EUR per calendar month; above this amount, the regular fees should apply – 1.5% on Bitcoin and 2.5% on all other coins.
Source: Company Press Release