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Challenger bank N26 to offer crypto trading through Bitpanda integration

By Alara Jordan

Edited by Charlie Mellor

14:44, 20 October 2022

Illustration of the N26 mobile app on four smartphone screens
N26 will offer its users around 200 cryptocurrencies to buy and sell – Photo: N26

Berlin-based challenger bank N26 will allow its users to buy and sell around 200 cryptocurrencies via an integration with Bitpanda’s white-label crypto solution.

N26 confirmed that it will partner with the Vienna-based firm – which provides crypto trading services, commodities and exchange-traded funds (ETFs) to fintechs – to initially roll out the crypto feature to its customers based in Austria.

Users will be able to buy and sell cryptocurrencies – including bitcoin (BTC), ether (ETH), binance coin (BNB) and solana (SOL) – directly through their N26 account.

N26 said it will roll out its trading feature to customers in other key markets “over the next six months”.

BTC to USD

Local demand for crypto

The move is part of N26’s wider plans to help its eight million users across 24 markets move beyond everyday banking and into money and investment management.

According to the fintech, the launch was inspired by the strong local demand for crypto, with 40% of its users either trading or expressing strong interest in crypto investment. 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.

XRP/USD

0.61 Price
-3.980% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

64,676.00 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,115.97 Price
-7.730% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

169.07 Price
-6.670% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

“With N26 Crypto, we are offering a simple way to trade and invest, with a great user experience and low and transparent fees.”

The tools enabled through Bitpanda's integration will be available to users via the trading section of the N26 app under the Finances tab.

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$9bn valuation

N26 raised $800m through a Series E funding round in October 2021, recording the single largest funding round by a challenger bank in Europe.

The investment pushed N26’s valuation to a staggering $9bn, more than double the company’s prior valuation of $3.5bn, after its Series D-extension round in May 2020.

Co-founders Valentin Stalf and Maximilian Tayentha said at the time of the Series E announcement: “This funding round is not only a signal from our investors that they believe that digital banking is the future.

“It’s also a sign that we are now a leader that will define what our industry looks like in the years to come, with a new level of responsibility to do even better and do more to give customers the best and most secure digital banking experience possible.”

SOL to USD

Markets in this article

BNB/USD
Binance Coin / USD
572.14 USD
-14.54 -2.500%
BTC/USD
Bitcoin / USD
64676.00 USD
-1345.95 -2.040%
ETH/USD
Ethereum / USD
3115.97 USD
-260.79 -7.730%
SOL/USD
Solana / USD
169.0739 USD
-12.0169 -6.670%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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