Online bank N26, founded by Austrians, now also enables selected customers in Germany to trade Bitcoin and other cryptocurrencies. The company announced in Berlin on Tuesday that the “N26 Krypto” service will also be launched in Switzerland, Belgium, Portugal and Ireland.
The new digital money trading product was introduced to selected customers in Austria last October. Nearly 200 cryptocurrencies can be bought or sold in the N26 app.
Crypto Assets For N26 Boss “Attractive Asset Class”
N26 CEO and co-founder Valentin Stalf explained that despite market volatility, cryptocurrencies “remained a sought-after and attractive asset class” for investors and were a growing part of the financial system. “For a new generation of investors looking for ways to grow their wealth, cryptocurrency trading is a common way to start investing.”
Consumer advocates regularly point out the high risk of these systems. If you want to invest in Bitcoin and other crypto assets, you should be aware of the large price swings and may also expect a total loss. The most popular cryptocurrency, Bitcoin, lost a lot of value last year after years of steep upward trend. The price dropped from more than $47,000 at the beginning of 2022 to almost $17,000 at the end of 2022. However, the price of Bitcoin has risen sharply in recent days and has risen above the $20,000 mark.
N26 has partnered with domestic crypto exchange Bitpanda
In providing crypto trading opportunities to clients, N26 follows competitors such as Revolut and Vivid Money. The crypto specialist Bitpanda is responsible for executing the crypto trading and storing the digital coins at N26. When trading Bitcoin, a transaction fee of 1.5 percent applies, for other coins 2.5 percent must be paid. Premium customers (“N26 Metal”) receive a discount of 0.5 percentage points.
The gradual introduction of the crypto service at N26 in the various EU countries is related to a general order from the European regulator, according to which all crypto products must again be specifically checked. Since there are no uniform rules in the EU, N26 must comply with the requirements of the respective states.
N26 was founded in 2013 by the two Viennese Valentin Stalf and Maximilian Tayenthal and has been active in Germany and Austria since 2015.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
