Challenger bank N26 to offer crypto trading through Bitpanda integration
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”.
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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.
“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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We’re excited to announce that we won the largest digital bank in continental Europe as Bitpanda White Label partner: @N26! This will give eligible customers instant access to almost 200 crypto assets.
— Bitpanda (@bitpanda) October 20, 2022
Learn more about this exciting news: https://t.co/mPj9Q6M8aE
$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.”
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