The N26 founders, Valentin Stalf and Maximilian Tayenthal | Image credit: N26
Berlin-based N26, a challenger bank that offers mobile banking solutions to customers, announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell nearly 200 cryptocurrencies in its N26 app.
Over the next few weeks, N26 Crypto will gradually become available, starting with Austria. The company says this launch responds to significant local demand where 40 percent of N26 users either regularly trade cryptocurrencies or have shown an interest in doing so.
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Over the next six months, N26 will introduce N26 Crypto to key markets.
Gilles BianRosa, CPO at N26, says: “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 as the first asset class we intend Offering.”
Everything you need to know about N26 Crypto
N26 Crypto, which has over €6B in deposits in user accounts, is making its first foray into the world of trading and investing by helping its customers manage multiple parts of their money. Customers who have passed identity verification and eligibility checks by N26 can access N26 Crypto through the “Trading” section under the new “Finance” menu in their N26 app.
Customers only need to select the currency and quantity they wish to trade to create a position. The monetary equivalent of the deal will then be taken from their bank account and the coins will immediately appear in their N26 Crypto portfolio.
Customers can also choose to close open positions in N26 Crypto at any time, and when they do, funds are immediately made available in their primary bank account. Drag and drop facility is offered for both transaction types to make the procedure even easier.
N26 Crypto Reports offers a secure registration, complete in-app integration and clear visualizations of a client’s cryptocurrency portfolio. Customers will benefit from an “easy to understand” transaction order with costs to be checked and confirmed before each transaction is executed, as well as being able to see their purchase history and portfolio development in real time.
N26 co-founder and co-CEO, Valentin Stalf, says: “Although cryptocurrencies have seen a decline in value over the past year, they remain an in-demand and interesting asset class for investors and a growing part of the financial system. Cryptocurrency trading is often the gateway to to invest for a new generation of investors who want to explore ways to grow their wealth. With N26 Crypto, we offer an easy way to trade and invest, with a great user experience and low and transparent fees.”
N26 Crypto is offered in partnership with Austrian-headquartered Bitpanda, which manages the execution of trades and custody of coins. Together, the two fintech companies provide N26 consumers with a competitive new pricing structure.
Customers of N26 Metal will be able to transact with a 1 percent transaction fee for trading Bitcoin and a 2 percent transaction fee for trading other cryptocurrencies. All other N26 users will be able to trade cryptocurrencies at the same competitive rates available directly on Bitpanda’s platform, which are 1.5 percent for Bitcoin transactions and 2.5 percent for all other cryptocurrencies.
“The bank account that gives you more control over your money”
Founded in 2013 and launched in early 2015 by Valentin Stalf and Maximilian Tayenthal, N26 is a digital bank for consumers and businesses. The company offers services such as deposit accounts, money transfers, bill payments, NFC-enabled debit cards for online/offline purchases and cash withdrawals, among others.
The platform also offers tools for transaction monitoring. N26 has more than 8 million customers in 24 markets. The company has offices in Amsterdam, Berlin, Barcelona, Belgrade, Madrid, Milan, Paris, Vienna, New York and São Paulo, and a team of 1,500 employees globally.
N26 operates in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland , and the United States, where it operates via its wholly owned subsidiary, N26 Inc.
In October 2021, the challenger bank raised a record funding of $900+M (then almost €775.57+M) in its Series E round at a value of more than $9B (then approx. €7.76B). This made N26 the highest valued fintech company in Germany and among the top 20 fintech companies in the world.
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