Berlin-based neobank N26 announced it is going to launch a crypto trading service in Austria. Called N26 Crypto, the service is supposed to become available to Austrian clients in the next few weeks.
Initially, N26 Crypto will include 100 tokens including BTC and Ether. Over the next six months, the product will become available in other markets. The bank plans to expand its token offering to a total of almost 200 cryptos. N26 app users will be able to buy and sell cryptocurrencies easily.
To release N26 Crypto, the fintech company has partnered with the Austrian crypto trading platform Bitpanda. Transaction fee for N26 Metal customers for Bitcoin will be 1% and for other available cryptos 2%. Other customers will be able to trade BTC with a 1.5% transaction fee and a 2.5% fee for other cryptocurrencies.N26 is a mobile bank with 7 million customers in 24 countries.
In the blog post, the team mentions that the launch meets strong local demand. 40% of N26 users are either actively trading, or are interested in investing in crypto.