crypto currencies 2022

Several months after announcing the integration of a crypto trading service into its offer scoup, the German group N26 has just confirmed the upcoming arrival of 194 different crypto currencies on its platform. According to the announcement the offer is accessible via a new menu called “Finances”. For the moment, it only available for Austrian customers. For France and the rest of Europe it will still take about 6 months before the tokens are will be validated by the bank.

Cryptocurrency on N26: how does it work?

Like most cryptocurrency offers already available on other banking platforms, N26 offers a classic crypto payment service where users will simply have to click on a crypto, enter the amount to buy and then let the application manage everything else. 

Cryptocurrency transactions carried out on N26 are subject to the following fees break down: 

  • 1% for N26 Metal customers on Bitcoin.
  • 1.5% for Bitcoin transactions.
  • 2% for N26 Metal customers.
  • 2.5% on all buy and sell transactions.
n26-banque

Compete with existing crypto offerings

N26 is already a few years behind the competition. But now its main competitor considered to be Revolut, that has already offered a multitude of cryptocurrency services on its platform, including stock market shares, commodities and soon a cryptocurrency savings service. To make up for this delay, N26 chooses to position itself first on the Austrian market. A choice which is justified, even despite the absence of a convincing explanation regarding the situation why N26 has obtained the green light from the bank  regulators only in Vienna.

Reintegrate the N26 group on the stock market

After its first failed attempt in 2021, N26 plans to revise their experience and make a more professional step to reintegrate the group on the stock market. In its program, the neo-German bank consider a strong comeback on the stock market, despite its several million euros of losses, caused in particular by the decline in its capital. The profitability of N26 is definitely called into question when we know that out of its 8 million customers, only 3.7 million bring  money to the company. The group hopes that crypto currencies will help the enterprise to receive more substantial commissions and thus increase its capital. A rather daring choice these days  when cryptocurrencies are right in the center of many downward speculations.

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October 21, 2022
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