Challenger financial institution N26 is launching a brand new buying and selling function in its app — N26 Crypto. Customers will have the ability to simply commerce crypto belongings utilizing cash of their N26 account. Behind the scenes, N26 is partnering with Bitpanda to deal with buying and selling and custody.
N26 goes to slowly roll out N26 Crypto throughout Europe. At first, just some customers in Austria will have the ability to entry the brand new function. Different international locations ought to get the function in some unspecified time in the future over the following six months.
N26 will allow you to purchase, promote and maintain 100 completely different crypto belongings. The startup plans so as to add one other 94 crypto belongings later down the street. And I’m positive the corporate will develop to shares and different asset lessons quickly.
N26 Crypto might be accessible from the second tab, which has been renamed “Funds”. From this display, you can see your areas — these are sub-accounts that you should utilize to set some cash apart in a unique pocket of cash. Areas will also be used as shared accounts with another person.
Beneath your checklist of areas, there’s a new “Buying and selling” part along with your crypto portfolio. N26 lists all of your crypto belongings, the worth of your positions and the way they’ve modified during the last 24 hours, week, month or yr.
Each time customers wish to purchase or promote some cryptocurrencies, they will hit the purchase or promote button, select a crypto asset (or seek for it) and enter an quantity. N26 shows each the alternate charge and the way a lot you’ll pay in charges.
Picture Credit: N26
N26 plans to cost 1.5% for bitcoin trades and a pair of.5% for all different cryptocurrencies. That’s the identical payment that customers pay in Bitpanda’s personal app. Customers who pay €16.90 per 30 days for N26 Metallic can pay 1% and a pair of% in transaction charges on bitcoin and different cryptocurrencies respectively.
The primary benefit with N26 Crypto is that it’s straight tied along with your present checking account. You don’t need to add cash to a unique buying and selling account, change to the Bitpanda app (ot one other app) after which begin buying and selling. Equally, once you money out with N26 Crypto, you’ll get EUR in your most important N26 account — no have to switch a reimbursement to your checking account.
N26 isn’t the primary fintech startup that builds a deep integration with Bitpanda. French cost app Lydia additionally partnered with Bitpanda to introduce the power to commerce inventory, treasured metals, cryptocurrencies and ETFs in its app final yr. In my expertise, it really works rather well.
Final week, N26 shared its 2021 monetary outcomes. Whereas gross income grew by 50% to succeed in greater than €180 million, its working prices additionally grew at a speedy tempo, leading to a €170 million web loss.
In fact, N26 has additionally raised a whole lot of thousands and thousands of euros. Thanks to those deep pockets, the corporate has loads of time to determine how you can get extra income from its customers whereas retaining its working prices beneath management. As N26 and Bitpanda have seemingly agreed to share income coming from N26 Crypto, the brand new function ought to contribute to the corporate’s backside line.