Bitpanda Will Offer Crypto Through German Online Bank N26

B. Ali
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N26, a European digital bank, announced Thursday the launch of a crypto trading service that will allow its customers in Austria to trade cryptocurrencies through its App. This information appears to have a positive impact on cryptocurrency adoption. Despite being its first foray into the crypto asset class, the German digital bank seems confident in expanding its service base capabilities to over 200 crypto options. N26 Crypto, a service offering 100 tokens, including bitcoin (BTC), ether (ETH), ripple (XRP), and Cardano, will be made available to N26’s Austrian clients in the coming weeks (ADA).

According to Gilles BianRosa, Chief Product Officer at N26, the banking experience at N26 has always been adapted to the needs of the users and includes features that make managing funds simple. He went on to say that they designed N26 Crypto to be a simple, user-friendly product that fits in well with N26’s fully regulated banking environment, where one’s bank account, savings account, and investment portfolio are all displayed side by side. However, he stated that the first asset type he wishes to provide is cryptocurrency.

On the other hand, cryptocurrency trading, according to Valentin Stalf, co-founder and co-CEO of N26, is typically where a new generation of investors who are eager to learn about ways to improve their wealth, begin their investment careers. As a result, we offer a simple way to trade and invest in N26 Crypto while also providing a great user experience and transparent, reasonable fees.

N26 Charges 2.5% Per Trade and Leverages Bitpanda

N26, a cryptocurrency exchange based in Berlin, will use Bitpanda’s trading and custody platform to provide some of the bank’s clients with access to up to 200 cryptocurrencies for trading, including bitcoin (BTC), ether (ETH), Cardano’s ADA, and XRP. It is simple to transact on the platform; users only need to select a currency and specify the amount they want to buy or sell in order to transact on the site. N26 also stated that users can “drag and drop” funds from their primary account into their cryptocurrency portfolio, or vice versa.

N26’s trading cost, on the other hand, appears to be quite high, which may deter consumers. Other cryptocurrencies, such as Bitcoin, which it currently offers at a 1.5% fee, will be subject to a 2.5% charge for each trade. This month, it was revealed that N26 was considering acquiring Bitpanda in 2020, just as the company was designated as a fintech unicorn with a $4.1 billion valuation.

Is N26 Too Late To Make This Decision?

We can say that N26 was a little slow to make this decision because cryptocurrency trading has long been a part of the offerings of other financial platforms such as Paypal, Revolt, Mastercard, Visa, and so on. In fact, Nubank, a digital bank in Brazil, unveiled its cryptocurrency on Wednesday. There is no denying that the cryptocurrency sector is in crisis mode, with many businesses being negatively impacted and closing. It’s worth noting that Nuri, a German startup crypto bank with 500,000 users, filed for bankruptcy in the last few days, citing significant crypto sell-offs and the collapse of Celsius and other crypto funds earlier this year as justification.

Following that, the German cryptocurrency bank Nuri urged its 500k clients to withdraw their funds. However, no one can predict a highly volatile crypto market, nor can anyone predict when the bulls will outnumber the bears in the cryptocurrency market. However, N26 may not face the same problems that Nuri Bank is currently experiencing. It is critical to note that the $9 billion European bank operates entirely online and does not have any traditional bank branches.

Despite its reputation, the bank has had significant difficulty entering markets in the United States and the United Kingdom. It has, however, made significant efforts to strengthen its anti-money laundering measures as mandated by the authorities.

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About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.