Challenger bank N26, in partnership with digital investment app Bitpanda, is launching a crypto trading feature.
Founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, Bitpanda launched as a crypto-trading platform. Over the years, it has evolved to offer all types of investment opportunities, including commission-free fractional stocks, cryptocurrencies and precious metals. Investors can commit as little as $1.
Last year, Bitpanda more than tripled its valuation within four months, after a fresh funding round puts its enterprise value at $4.1bn.
The collaboration with N26 will see the bank’s customers able to trade almost 200 cryptocurrencies on the platform using money from their N26 account.
According to a report from Altfi, the product will first be available progressively to customers in Austria before gradually rolling out to other markets over the next six months.
N26 revealed its plans to enter the crypto and equities trading markets in 2022 at the beginning of the year.
According to the German digital bank, the trading product will address local demand, where 40% of users are either actively trading or have expressed interest in investing in crypto.
Valentin Stalf, N26 co-founder and co-CEO, said, “While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system,.
“Cryptocurrency trading is often the entry point to investing for a new generation of investors who are looking to explore ways to grow their wealth.”
Eric Demuth, Bitpanda co-founder and CEO, added, “As the industry evolves it is becoming increasingly clear that the best way for FinTech’s to truly have an impact on people’s lives is by working together.
“Bitpanda White Label, our investing-as-a-service solution, gives our B2B partners access to the whole Bitpanda infrastructure in a modular and individual way.”
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