Germany’s $9 Billion Bank Launches Crypto Trading Service Amid Bear Market

    N26 Bank, a $9 billion German bank, has rolled out a crypto trading service for more than 7 million users.

    The German billion-dollar fintech N26 began offering crypto trading services through a partnership with Bitpanda, the investment platform that saw massive layoffs in June.

    From the Austrian market to other countries over the next six months, N26 Crypto will offer trading of 200 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).

    The Berlin-based fintech confirmed the move was born to address the “strong local demand” of 40% of N26 users actively trading or interested in crypto. N26 co-founder and Co-CEO, Valentin Stalf said:

    “While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system. Cryptocurrency trading is often the entrypoint 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.” 

    Accordingly, customers who have verified their identity can access the “Trading” section of the “Finances” tab on the app and conduct crypto trading from their own fiat accounts. Transaction fees are set at 1.5% for BTC and 2.5% for other coins for usual accounts.

    Earlier this month, STEPN launched a crypto investment platform for teenagers, under the supervision of a parent or guardian. Other unicorns like Stash and Revolut are also aggressively making their way into the crypto space.

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