Digital bank N26 has added cryptocurrency investments to its app, allowing customers in Ireland to buy and sell the digital assets.
The bank, which has more than €6 billion of deposits in customer accounts, will allow customers to trade almost 200 cryptocurrencies.
Initially launched in Austria, N26 Crypto will be available to customers in Ireland, along with Germany, Switzerland, Belgium and Portugal. Further launches planned over the coming months.
Customers who have completed identity verification and eligibility checks will be able to access cryptocurrency trading in the N26 app’s ‘finances’ tab.
“The N26 banking experience has always been built around the customers’ needs, with features that make money management easy,” said Gilles BianRosa, chief product officer at N26. “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.”
Customers will be able to trade the coins quickly and easily, and the app will offer clear visualisations of a customer’s crypto portfolio so they can track its performance and development.
The addition comes at a time of volatility for the crypto market. But N26 said it believed there were consumers who are interested in cryptocurrency trading but have not yet tried it.
“Market fluctuations aside, cryptocurrencies continue to remain a requested and interesting asset class for investors and a growing part of the financial system,” said N26 co-founder and Co-CEO, Valentin Stalf. “Cryptocurrency trading is often the entrypoint to investing for a new generation of investors who are looking to explore ways to grow their wealth.”
N26 is working with with Bitpanda Asset Management to manage the execution of trades and custody of coins. For N26 Metal customers, transactions will come with a 1 per cent fee applied for trading bitcoin and 2 per cent for all other available cryptocurrencies. All other N26 customers will have a 1.5 per cent transaction fee applied for bitcoin trades and 2.5 per cent for other coins.
