Banking service providers can build strong momentum by incorporating cryptocurrency offerings. Neobanks are a likely candidate for such solutions. Germany’s N26 will soon expand its crypto offering to five additional EU countries.
N26 Brings Crypto To More Users
Neobanks are an exciting addition to the financial landscape. They provide customers with better and more personalized services than traditional banks. In addition, they are often much cheaper and provide access to innovative markets. In recent years, various neobanks have integrated exposure to cryptocurrencies. While users may not own crypto directly, they can still build a portfolio.
One of the leading neobanks in that regard is N26. The German institution has set up a native crypto exchange – N26 Crypto – which allows customers to trade crypto assets. Although that service was only available to Austrian users, it will roll out to additional countries soon. Customers in Belgium, Germany, Ireland, Portugal, and Switzerland will gain exposure to cryptocurrency trading. The service is offered with the assistance of Bitpanda, an Austrian crypto trading outfit.
In addition, the N26 Crypto solution is considered a “bonus” for premium customers of the N26 Metal program. Those users will see transaction fees drop to roughly 1%. That is still relatively steep, but every cost reduction puts more profit into people’s pockets. The rest of N26’s customer base can access the trading functionality, too, although they will have a different fee structure.
It is good to see N26 continue its push into crypto trading. The neobank has seen numerous issues and setbacks over the years. Moreover, hacks, thefts, scams, and bankruptcies in crypto have made these markets less appealing to mainstream consumers. Even so, the team is confident customers will seek exposure to alternative markets.
Growing Demand for Crypto Exposure In EU
When people discuss the popularity of cryptocurrencies, the US and Asia are often the first regions that come to mind. However, one shouldn’t overlook the European Union either. Although it is a region generating fewer headlines, demand for exposure to crypto assets remains high. N26 co-founder and co-CEO Valentin Stalf adds
“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.”
Rolling out crypto trading to more EU regions marks a crucial milestone for the neobank. However, the company remains in the crosshairs of regulators. That scrutiny resulted in paying a fine of over 4.2 million euros in 2021 and getting banned in Italy last year. Even so, those challenges are expected when trying to do things differently.
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