German Neobank N26 unveils a new crypto trading product “N26 Crypto”. With N26 users in Austria will be the first to be able to utilize the product and it will slowly launch to customers in Europe in the upcoming months.
According to the announcement, N26 users will soon be able to trade roughly 200 cryptocurrencies thanks to the new feature.
“The launch addresses strong local demand, where 40% of N26 users are either actively trading, or have expressed interest in investing in cryptocurrencies,” the statement noted.
Over the course of the next six months, N26 will gradually introduce N26 Crypto to other countries. N26 partnered with Austrian cryptocurrency exchange Bitpanda to launch N26 Crypto.
With this collaboration, customers of N26 Metal will be able to conduct transactions with a 1% transaction charge for trading Bitcoin and a 2% transaction fee for trading all other cryptocurrencies.
All other N26 users will be able to trade cryptocurrencies at the same competitive rates available directly on Bitpanda’s platform: 1.5% for Bitcoin transactions and 2.5% for all other cryptocurrencies.
N26 users who have passed identification verification and eligibility checks by N26 can access N26 Crypto through the “Trading” section under the new “Finances” section in their N26 app.
They only need to choose the coin and the quantity they wish to trade in order to create a position; the monetary equivalent of the trade will then be taken from their bank account, and the coins will then appear right away in their N26 Crypto portfolio.
Users can opt to close open positions in their N26 Crypto at any time, and when they do, money is immediately made available in their primary bank account.
Additionally, N26 Crypto offers simple visuals of a user’s cryptocurrency holdings, making it simple to follow the portfolio’s evolution over time.
N26 users will gain from an easy-to-understand transaction order with fees to be checked and confirmed before each transaction is executed, in addition to being able to watch their purchase history and portfolio development in real time.
Gilles BianRosa, Chief Product Officer at N26, stated “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.”
Also Read: Mastercard & Paxos to bring Crypto Trading to Banks
