Banks: N26 offers customers trading in cryptocurrencies for the first time

The smartphone bank N26 starts trading in Bitcoin and other so-called cryptocurrencies.

Banks: N26 offers customers trading in cryptocurrencies for the first time

The smartphone bank N26 starts trading in Bitcoin and other so-called cryptocurrencies. The company announced this on Thursday in Berlin. However, the new product N26 Krypto for trading with digital money will initially only be introduced for selected customers in Austria.

N26 co-founder Valentin Stalf had already promised a crypto service when the business figures were presented in early October. At the same time, however, he also pointed out the complicated regulatory situation in Europe. The product is programmed. However, the general order of the European regulator is in place, according to which all crypto products are to be specifically checked again. Since there are no uniform rules in the EU, N26 has to respond to the requirements of the respective countries. Now it was said that N26 would gradually introduce the crypto product in their core markets over the next six months.

N26 starts with 100 tradable coins

In addition, Stalf pointed to strong demand for a crypto service. A study with 16,030 respondents in Austria, Germany, France, Italy and Spain showed that 40 percent of N26 customers are either already actively trading cryptocurrencies or are interested in investing in cryptocurrencies.

According to the bank, before the Austrian N26 customers are to enter crypto trading, "identity and eligibility to participate will be checked". N26 starts with 100 tradable coins and plans to expand the offering to 194 cryptocurrencies in the coming months.

Stalf stressed that even though cryptos have lost value over the past year, they remain a sought-after and attractive asset class for investors and a growing part of the financial system.

Consumer advocates regularly point out the high risk of these systems. If you want to invest in Bitcoins and other crypto assets, you have to be aware of the large price fluctuations and possibly also expect a total loss.

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