On October 20, European digital bank N26 stated it will be entering the cryptocurrency field and establishing a cryptocurrency trading service, with Austria as the product’s first market.
CNBC reported on October 20 that the Berlin-based digital bank would provide its clients access to Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and XRP through the trading and custody infrastructure supplied by the Austrian cryptocurrency exchange Bitpanda.
In the coming weeks, N26 clients in Austria will be able to use a new service called N26 Crypto, which will initially support 100 tokens like Bitcoin and Ether. Once this is complete, N26 will spend the next six months growing the service to users in more areas, with the eventual goal of providing tokens in 194 different currencies.
As a result, N26 is joining the already competitive cryptocurrency market. Financial services giants like Visa (NYSE: V) and Mastercard (NYSE: MA) are expanding into the cryptocurrency and “Web3” service markets.
Both PayPal (NASDAQ: PYPL) and Revolult have given their customers the option to buy and trade cryptocurrencies for some time.
According to N26’s CPO, Gilles BianRosa: Our audience is really enthusiastic about crypto. That enthusiasm is over the roof, even in a down market.
Users choose a cryptocurrency and input the desired buy or sell amount to begin a transaction. When a consumer completes their order, the same amount of money is deducted from their main account and shown next to their selected token.
It’s possible that the challenger banks’ cryptocurrency effort may have been more successful if it had begun earlier. Significant losses have been suffered by Bitcoin and other tokens this year as investors have left the market on fears of increasing interest rates and liquidity shortages.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.