Customers in Austria may already purchase N26 Crypto, and it will soon be made available in other important markets.
Crypto trading has been introduced on the mobile app of German fintech N26, which is valued at $9 billion. N26 Crypto will enable its users to buy and trade 200 cryptocurrencies, including Bitcoin (BTC tickers down $19,166) and Ether (ETH tickers down $1,290), beginning in Austria and expanding to additional nations in the coming months.
The Austrian debut, according to the Berlin-based fintech, responds to “high local demand,” with 40% of N26 customers either actively trading in cryptocurrencies or expressing interest in doing so.
Customers of N26 with verified identities can access N26 Crypto through the “Trading” portion of the brand-new “Finances” tab of their N26 app. They can thus purchase cryptocurrency using their fiat bank account. For standard accounts, the transaction charge is set at 1.5% for Bitcoin and 2.5% for other currencies, with additional discounts available to owners of N26 metallic cards.
The company sees its new offering as an entrance point for a new generation of investors, who are interested in digital assets despite the current market turbulence, according to N26 co-founder and co-CEO Valentin Stalf:
“While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system.”
The platform is kept up-to-date through a collaboration with Vienna-based Bitpanda GmbH, which oversees trade execution and coin custody.