Digital bank N26 expands cryptocurrency offering to new markets

German digital bank N26 has rolled out its cryptocurrency offering N26 Crypto in five new European markets. 

Launched in Austria late last year, the service is now available in Germany, Switzerland, Belgium, Portugal, and Ireland.

N26 Crypto service allows customers to buy and sell around 200 cryptocurrencies through the bank’s app. 

In the upcoming weeks, the product will gradually become available to qualified clients, the bank noted.

Through N26 Crypto, the digital bank hopes to assist its users to manage additional elements of their finances. 

N26 chief product officer Gilles BianRosa said: “With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side – with cryptocurrencies being the first asset class we intend to offer.”

The move comes amid market-wide turbulence, which is thought to have reduced the value of the cryptocurrency market over the past 14 months by around two-thirds.

Most recently, crypto bank Silvergate Capital reported a net loss of $1bn in the fourth quarter of 2022. 

Previously, the firm said it would trim its workforce by 40%, reported Reuters.

N26 co-founder and Co-CEO Valentin Stalf said: “Market fluctuations aside, cryptocurrencies continue to 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.”

In March 2022, the Italian central bank blocked N26 from onboarding new customers citing anti-money-laundering lapses.