EU-licensed N26 will launch its N26 Crypto in the next few weeks, with the service first available to customers in Austria.
N26, Europe’s first regulated mobile bank, is looking to curve off a chunk of the crypto trading market by launching its own service, amid growing demand from clients.
According to a CNBC report on Thursday, the German-based digital bank will debut its cryptocurrency trading service N26 Crypto in Austria, before expanding the service to customers across the continent and other regions.
N26 Crypto to offer up to 194 tokens
As reported, N26 Crypto will go live over the next few weeks, offering access to 100 tokens. Customer will be able to buy Bitcoin and Ethereum among other top cryptocurrencies, the bank revealed.
Once the initial rollout is completed, the N26 team will seek to increase the trading service’s reach, with the target being 194 tokens accessible across multiple countries in the next six months.
N26’s entry into the crypto trading space will see it join several other financial service providers already allowing customers to buy and sell crypto through their accounts. Rivals such as PayPal and Revolut already offer these options to their customers, as do payment giants Visa and Mastercard.
According to Gilles BianRosa, chief product officer at the German-based digital bank, the creation of N26 Crypto was informed by the extremely high interest in crypto from its customers. The demand has remained high despite the bear market, BianRosa noted.
N26 Crypto will be powered by Peter Thiel-backed crypto broker Bitpanda. Incidentally, N26 also counts Thiel as one of its most prominent investors.