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Digital Bank N26 launches crypto trade service in Austria

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Digital Bank N26 launches crypto trade service in Austria 2

N26 Bank successfully stepped into the sector of crypto business with its cryptocurrencies trade service launch.

N26 is a German neobank, which is headquartered in Berlin, Germany. N26 was founded in Munich in 2013 but started to grab traction in 2016. The services of this digital bank are available in many areas which include European Union, Iceland, Liechtenstein, Norway, Switzerland, and Brazil. This bank is currently valued at $9 billion, which is a very big number for the digital banking sector companies. 

On 20 October, a CNBC report confirmed that N26 launched its crypto trade services for its clients to allow trade in a total of 100 crypto assets. The company will further expand its services for more than 100 crypto assets listing, with the growth of crypto trading activities on its platform.

For now, this service is available for the N26 users of Austria but the Neobank team aimed to expand its services in other European countries also. 

Gilles BianRosa, Chief Product Officer at N26, told in an interview with CNBC that the Bank will take care of the safety of the funds first and also focus to keep the bad actors away, so clients will not be allowed to interact with outside or any kind of personal or third party crypto transaction.

PayPal and Revolut were the two big online digital bank wallets that launched similar kinds of crypto services for users but they later introduced crypto asset withdrawal facilities for users. 

Here N26 may not bring such kinds of options for the users because European Union laws don’t give favor such banks to allow third-party crypto assets transfers. According to EU crypto laws closed crypto loop trade services remain better otherwise people may mistakenly deal with hacked or dark web-purchased cryptocurrencies.

Read also: Binance scores regulatory approval in Cyprus

Digital Bank N26 launches crypto trade service in Austria

 

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