European digital bank N26 revealed its crypto trading service launch on Thursday. However, the company is set to first begin with the Austrian market for this new service.
According to the announcement, the crypto trading service will be known as N26 crypto and will be available in the next couple of weeks. However, the company’s Austria-based clients will be the first to access this, where they can trade 100 tokens, including the top ones.
The company also plans to increase the number of tokens users can trade to 194 cryptocurrencies over the next six months. During a recent interview, Gilles BianRosa, one of N26′s top officials, said that the financial institution’s crypto trading feature will allow users to explore crypto investments without taking on huge risks.
N26 Joins The List
N26 involvement in the crypto industry seems late because its Fintech rivals are already exploring that market segment. For instance, Revolut and PayPal have launched a feature that allows users to buy and sell digital assets.
Also, payment gateways like Mastercard or Visa have launched several Web3 products in partnership with notable crypto firms. However, BianRosa, argued that their users are interested in crypto investments.
He added that the interest is extremely high despite the current bear season in crypto. “We have a long-term perspective to this launch,” BianRosa said. “We aren’t launching based on current market conditions.”
N26 charges a 2.5% fee for buying or selling any crypto other than Bitcoin. Buying or selling Bitcoin attracts a 1.5% transaction fee.
But subscribers to N26’s $16.54 per month Metal accounts get to pay a transaction fee of 1% on bitcoin and 2% for all other tokens. The technical support for each transaction is handled by Bitpanda, Austria-based crypto, and stock trading platform.
One common thing about N26 and Bitpanda is billionaire investor Peter Thiel. Thiel is an N26 backer and a core investor in Bitpanda. Bitpanda receives a commission on every crypto transaction that takes place on N26.
N26 has been subject to restrictions from financial regulators in the past. For instance, BaFin, a German financial watchdog, sanctioned N26 over an alleged failure in its fraud protection infrastructure.
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