German-based fintech company and mobile banking platform N26 unveiled its all-new cryptocurrency trading platform. The newly released crypto trading suite will be available on the N26 interface which is implemented through its mobile application.
According to trusted data, N26 serves more than eight million customers across 20+ European Union countries via the mobile financial platform. The plan to roll out the cryptocurrency trading suite is being done in phases, with the first phase already under way.
N26 Crypto Trading Launching To National Markets In Phases
In an official N26 announcement released on October 20, the mobile banking platform detailed a plan to release the crypto trading platform in Austria first. After the initial launch in Austria, which is currently live, N26 plans to introduce the crypto platform to the remaining nations over the next six months.
It was also expressed in the announcement, that the decision to launch the crypto suite was partly influenced by a “strong local demand”. The mobile bank reports around 40% of its existing customer base already actively trades or has expressed interest in cryptocurrencies already.
Narrowing The Gap Between TradFi and Defi
Berlin-headquartered N26, currently valued at a worth of around $9 billion according to the most recent financial information, plans to make over 200 cryptocurrencies available for trade on its new crypto trading platform. Also in the announcement, N26 expresses that this is the largest cryptocurrency offering to date, by any banking institution or platform within the European Nation.
It was also disclosed that the seamless purchase of crypto with fiat currency already held in existing customer accounts, will be made possible on the N26 Crypto. This means that N26 customers will be able to buy BTC, ETH and other popular cryptocurrencies with their available resources held in the traditional banking system. This has been something which has been an area of immense focus by many tech and blockchain companies in recent times, as the gap between TradFi and DeFi looks to be narrowing as digital currencies become more of an accepted idea by mainstream business, finance, media and other social channels.
With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side – with cryptocurrencies being the first asset class we intend to offer.Gilles BianRosa, Chief Product Officer, N26
A New Generation Of Investors
N26 co-founder and co-CEO, Valentin Stalf expressed N26’s belief that cryptocurrencies represent an asset class that the new and emerging generation of investors are looking for and interested in. Research compiled through customer inquiries and polls purportedly assists N26 in gaining a deeper level of insight into the needs of its customers.
The move to offer crypto trading, in the eyes of the co-founder and N26, is one which could potentially position the mobile banking platform as a top crypto trading platform in the EU for years to come. The company decided to unveil its crypto trading proposition during a time when much of the crypto news today is related to considerable bearish market conditions which has been the case through most of the 2022 fiscal year. Despite unfavourable market conditions, N26 has witnessed a sharp growing interest and demand for crypto and is poised to fill the order strategically across all serviced territories over the next six months.