valentin stalf

The co-head of N26 is convinced of digital currencies despite the current crypto crisis.


(Photo: dpa)

frankfurt The smartphone bank of Berlin N26 expands cryptocurrency trading to a total of six countries. These include Switzerland, Belgium, Portugal, Ireland, as well as Germany. The company announced this on Tuesday morning. had for the first time N26 the offer in October last year started in austria.

The smartphone bank works with the Viennese cryptocurrency trading platform Bitpanda, which provides N26 with the technical infrastructure as a white-label solution. This means that, in the future, N26 customers will be able to trade cryptocurrency directly on the bank’s smartphone app. Bitpanda does the trading and stores the so-called coins.

Bitpanda, which is also aimed at end customers, it only had a license from the German financial regulator Bafin at the end of November received for custody and proprietary trading of cryptocurrencies. That is why the start of the N26 cryptocurrency offering in Germany was a long time coming, until now.

At first stand up 180 different cryptocurrencies to select. More coins will follow in the coming months.

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A 1.5 percent transaction fee applies exclusively for Bitcoin trading. For all other cryptocurrencies, a fee of 2.5 percent must be paid. N26 customers with a Premium “Metal” Membership pay slightly lower transaction fees.

>> Read here: After the bankruptcy of FTX, the industry fights for its raison d’être

“Since the launch of N26 Krypto in Austria, our clients have shown a lot of interest in our product for trading with cryptocurrency recorded, also by customers outside Austria,” a spokeswoman for N26 said on request. The expansion of the product range in the domestic market is an important step for N26. Until now, the focus in Germany has been on classic banking transactions.

“Continued to be a coveted and attractive asset class”

The Berlin smartphone bank remains convinced of digital currencies, even in view of the current crypto crisis: “Despite market fluctuations, cryptocurrencies remain an attractive and coveted asset class for investors and a growing part of the market.” financial system,” said N26. co-founder and co-head Valentin Stalf. For a new generation of investors looking for ways to increase their wealth, cryptocurrency trading is often the way to start investing.

However, the loss of confidence caused by the crises of last year and especially by the FTX scandal is likely to be large.. The spokeswoman said he was also putting more emphasis on the issue of regulation. “We see this as an advantage because the focus is on security for the asset class and consumers,” he continues.

The Berlin smartphone bank plans to launch cryptocurrency trading in other countries in the coming months. According to N26, it has more than eight million customers in 24 countries. Most recently, the company raised €700 million in a funding round at the end of 2021 and was valued at €7.7 billion.

More: Survey: Crypto Investors Continue to Consider Investment as Safe

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