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N26, a European digital bank, announced Thursday that it would launch a crypto trading service, with Austria as the first market.
The N26 Crypto service, which will initially include 100 tokens such as bitcoin and ether, will be available to N26′s Austrian clients in the coming weeks.
To make a transaction, the user selects a coin and enters the amount they want to buy or sell. When your order is placed, the amount will be deducted from your main account balance and displayed next to the selected icon. Customers can also “drag and drop” funds from their main account to their cryptocurrency portfolio and vice versa.
Berlin-based N26 is a latecomer to the cryptocurrency craze. PayPal and Revolut have long allowed their users to buy and sell digital assets, and payment behemoths Visa and Mastercard also offer their customers crypto and so-called “Web3” services.
The timing of N26′s crypto venture could have been better. Bitcoin and other tokens have suffered heavy losses this year as investors fled the market amid fears of rising interest rates and liquidity constraints. At the same time, traditional banks have avoided crypto due to concerns about its high volatility and involvement in fraud, N26.
The move may annoy regulators, who have become much stricter regarding crypto following the $2 trillion market wipeout this year. The European Union, in particular, has sought to rein in the “Wild West” of cryptocurrency, with new rules expected to strengthen investor protections surrounding digital assets. Germany’s financial watchdog BaFin limited N26’s growth due to flaws in its anti-fraud system.
Notably, N26′s crypto service does not support custodial wallets, preventing customers from moving their assets off the platform. Platforms such as Robinhood and Revolut have recently introduced features that give users more control over their crypto assets.
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