N26 launches new crypto product

Thursday 20 October 2022 14:52 CET | News

Mobile bank N26 has announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app.


N26 Crypto will first launch in Austria and will be made available progressively to eligible customers in the market over the coming weeks. The launch addresses local demand, where 40% of N26 users are either actively trading, or have expressed interest in investing in cryptocurrencies, according to the company. The Mobile Bank will roll out N26 Crypto in key markets in stages over the next 6 months.

Representatives acknowledged that they always tried building the N26 banking experience around the customers’ needs, with features that make money management easy. With N26 Crypto they want to create a simple, intuitive product that integrates seamlessly into N26’s regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side - with cryptocurrencies being the first asset class they intend to offer. N26 will launch its initial offer with 100 coins to trade, with plans to scale up to 194 coins in the coming months.

The mobile bank N26 has announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app.


How does it work?

Customers who have successfully completed N26’s identity verification and eligibility checks can access N26 Crypto from the ‘Trading’ section within their N26 app’s new ‘Finances’ tab. To open a position, they need to select the coin and the amount they would like to trade, and the cash equivalent of the trade will be deducted from their bank balance, while coins will appear in their N26 Crypto portfolio instantly.

The same immediacy also applies when customers choose to close an open position in their N26 Crypto, with funds made available immediately in their main bank account the moment a position is closed. To make the process even more seamless, drag and drop functionality is available for both transaction types.

N26 Crypto will eventually offer almost 200 coins available to buy and sell. The platform also features clear visualizations of a customer's crypto portfolio, making it easy to track the portfolio’s development over time. Customers can also benefit from an easy-to-understand transaction order with fees to be reviewed and confirmed before each transaction is made.

The vision

Company representatives said that crypto remain a requested and interesting asset class for investors and a growing part of the financial system, despite a decline in value over the last year. As they see it, cryptocurrency trading is often the entry point to investing for a new generation of investors who are looking to explore ways to grow their wealth.

The mobile bank aims to provide an easy and intuitive user experience to help make the complex nature of trading cryptocurrencies as seamless as possible, while seeking to also offer useful and relevant content to inform and empower customers exploring the asset class for the first time.

N26 Crypto is ofered in partnership with Austrian headquartered Bitpanda, which manages the execution of trades and custody of coins. ‘Metal’ customers will be able to make transactions with a 1% transaction fee applied for trading Bitcoin and 2% for all other available cryptocurrencies. All other N26 customers will be able to trade Bitcoin with a 1.5% transaction fee, and a 2.5% fee for other cryptocurrencies.

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Keywords: product launch, cryptocurrency, digital assets, online banking, mobile banking
Categories: DeFi & Crypto & Web3
Companies: N26
Countries: World
This article is part of category

DeFi & Crypto & Web3


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