A bank that doesn’t want to be left out – The war of neo-banks in the crypto race is raging. This time, it’sGerman institution N26 that wants to offer bitcoin and other cryptocurrency trading to its customers by the end of 2021. It is desperate to catch up with its British rival, Revolut.
Crypto trading is coming to N26
A June 21 article from German media outlet Finance FWD had reported on N26’s expansion plans in the cryptocurrency space. The Berlin-based neo-bank plans to offer its customers the ability to buy and sell bitcoin (BTC) and other cryptocurrencies by the end of 2021.
A company spokesperson later confirmed to The Block that the company is planning to launch cryptocurrency trading tools. For this, it is working with “leading crypto exchanges”. However, no names were revealed.
The latter also pointed out that the neo-bank was planning to:
“(…) offer crypto functionality via a marketplace, integrating elements of a crypto exchange, within N26’s banking and budgeting features.”
To do this, the company is reportedly expanding its “dedicated marketplace team.”
Revolut’s lead to catch up
N26 aims to become a “one-stop shop” that will allow its customers to access all financial services – savings, loans, transactions, tax, cryptocurrencies – in one place. It effectively needs to catch up with Revolut in the crypto space. The British neo-bank had already announced in April theaddition of 11 new tokens, bringing the total number of crypto-currencies it offers its customers for trading to 21. In addition, Revolut has offered its customers the ability to trade bitcoin since 2018.
N26 has every incentive to dive into cryptocurrencies given Revolut’slatest financial results</a>. Its recently unveiled accounts show that Revolut made a $54 million gain on digital assets in 2020, even though it reported net losses for the entire operation.
Neo-banks aren’t the only ones seizing the opportunity offered by cryptocurrencies. Some giant banks are gorging on bitcoin, while continually criticizing it. So, despite the Bank for International Settlements (BIS) report’s conclusions on theuselessness of new cryptocurrency regulation to protect investors, will traditional financial players ever take the plunge?
Neo-banks have fully understood the importance of positioning themselves on Bitcoin and cryptocurrencies to anticipate the future! On your side,a limited offer allows you these days to get up to €300 in cryptocurrencies for free (subject to a minimum deposit of €150)! Take advantage of this offer, while supporting the work of Le Journal du Coin by using this affiliate link to sign up for the Swissborg reference platform (see conditions of the offer on the official website).