The largest Neobank in Germany, N26 is set to roll out its first crypto products in Europe.
N26, the largest German online bank headquartered in Berlin, has partnered with Austrian cryptocurrency trading app Bitpanda to launch its first-ever crypto product. The Neobank announced the development earlier Thursday, saying it will launch crypto trading for customers in Austria. Over time, the service will be expanded across other countries.
The bank noted that its crypto trading would be offered to customers as a wealth-building feature. This means that supported customers will be able to purchase and sell cryptocurrencies but cannot transfer or withdraw the coins from the platform to external crypto wallets, according to the Chief Product Officer, Gilles BianRosa.
BianRosa pointed out that the mechanism will also prevent fraud. “This of course has a significant impact on security and fraud prevention,” BianRosa said, adding that the bank’s platform is a “non-anonymous crypto trading system.”
N26 Will Support 100 Coins at the Start
Known as N26 Crypto, the crypto trading service will be launched to Austrian customers in the coming weeks. Initially, the bank will support about 100 different cryptocurrencies, including Bitcoin and Ethereum. However, N26 plans to support more digital currencies in the future.
Hinting at the system, N26 said the crypto trading portal would feature a drag-and-drop option for customers to move funds between their crypto accounts and main account.
Meanwhile, Bitpanda being the source empowering service, will charge a commission of 20% in trading fees for every single trade made as N26 Crypto. However, the Bitcoin trades will be discounted at 1.5%. N26 Metal account subscribers will also be charged 1% for Bitcoin and 2.0% for other coins.