The German neobank N26 has launched its crypto trading service in five new markets.
Following an initial launch in Austria last October, the company announced on Tuesday (Jan. 17) that cryptocurrency trading will be made available to customers in Germany, Switzerland, Belgium, Portugal and Ireland.
With almost 200 cryptocurrencies on offer, N26’s trading feature allows users to instantly purchase tokens in-app using their fiat balance. Conversely, the N26 platform also allows users to sell their cryptocurrency with instant payouts direct to their accounts.
In a statement, the co-founder and co-CEO of N26, Valentin Stalf, said that “market fluctuations aside, cryptocurrencies continue to remain a requested and interesting asset class for investors and a growing part of the financial system. 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. With N26 Crypto, we are offering a simple way to trade and invest, with a great user experience and low and transparent fees.”
Of course, N26 is not the only digital bank to incorporate crypto trading into its platform.
Revolut first debuted a crypto trading feature back in 2018 and has since introduced further features such as a “spend from crypto” option that allows cardholders to spend directly from their crypto balances, with Revolut taking care of the actual exchange in real time.
On the other hand, Starling has come down firmly against cryptocurrencies and has placed restrictions on its customers that prevent them from transacting with many major exchanges.
In a statement sent to PYMNTS, Starling explained, “We recently tightened restrictions on inbound and outbound transactions by card and bank transfer.”
It said that although “the innovative technology, and thinking, behind cryptocurrencies has great potential advantages … right now, they are high risk and heavily used for criminal purposes and, as such, we no longer support them.”
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