The German online bank named N26 has announced its collaboration with Bitpanda to launch the initiative of cryptocurrency trading services.
This initiative aims to facilitate people to trade cryptocurrencies without any hassle or fraudulent activities.
It is vital to note that initially, the service is only limited to the people of Austria. However, it is expected to take a time of six months to expand its services to other countries.
Importantly, N26 users can access this new feature in their N26 application with Finances. Plus, the N26 administration has made a user-friendly interface that makes buying and selling cryptocurrencies convenient and safe.
Notably, this considerable achievement has become the latest buzzing topic of the trading industry giving birth to many speculations. The most eminent question is how it will impact the crypto industry.
Also, experts are wondering whether N26 takes considerable time to make this decision.
Know the answer to all these questions, along with a complete analysis of N26’s decision to partner with Bitapnada to bring cryptocurrency trading services to its European customers.
How Does This Decision Impact Crypto Industry?
Experts believe that the announcement will favorably impact cryptocurrency adoption. The German digital bank has mentioned in its statement to expand its service base products to over 200 cryptos tokens, starting with ether, bitcoin, ripple, and Cardano.
Also, the Co-founder of N26, Valentin Stalf, hints at the reason behind this decision while saying that despite the decline in the overall value of cryptocurrencies, they remain the most interesting asset class for investors.
Moreover, we cannot negate that cryptocurrencies have been an essential and growing part of the financial system.
Also, the statement of Valentin Stalf also hints at the positive impact of this incorporation of cryptocurrencies as the decision was taken to support this financial system. He further concluded that this initiative would help new investors to find feasible ways to multiply their wealth.
Moreover, it has been clarified that the bank will use Bitpanda’s white-label solution, which is incorporated with API-driven infrastructure.
Precisely, the purpose of integrating this infrastructure is to enable banks and fintech to tap into 24/7 trading, so the customers will not face any trouble.
How Does it Work?
As mentioned earlier, N26, a German bank, partners with Bitapanda to provide its customers with a reliable and secure trading option. The bank plans to provide 200 cryptocurrency tokens for buying and selling using the money in their N26 accounts.
Initially, the bank launched N26 crypto with the option of 100 crypto tokens which will gradually extend to 200 crypto tokens.
Purportedly, the bank has added a new tab to their official online banking application with the name Finance. Theta has a user-friendly and easy-to-use interface that allows customers to make trading deals without blunders.
Additionally, the tab has a section with the name trading from where you can keep track of all your crypto assets.
It also lets you stay in the loophole for monitoring the value of your assets over the last few hours, a day, a week, a month, or even annually.
If users want to sell or buy any crypto tokens, they can click the buy or sell option, click the button, then choose a crypto asset from their assets to sell or search assets from the search bar to buy a new asset.
Most importantly, the app shows both the exchange rate and how much you need to pay in fees which has eased the trouble of money conversion. Lastly, the bank deducts 2.5% commission per trade and leverages Bitpanda.
Analysts’ View on N26’s Crypto Trading
It would be safe to say that experts believe that the decision will open up reliable investment options for investors to multiply their money.
However, they also hold a view saying that the bank administration has taken considerable time to make this decision. Instead, the bank should have taken it quite early.
It’s because multiple other financial platforms, including Mastercard, Visa, Paypal, Revolt, etc., have already offered crypto trading.
Besides, we must acknowledge that the crypto sector’s crisis over the last year has negatively impacted several businesses. Some may reach the level of bankruptcy.
For instance, a German startup crypto bank named Nuri filed bankruptcy in the past few weeks. The bank quotes the collapse of Celsius and other crypto funds leading to notable crypto sell-offs as justification for their bankruptcy.
Subsequently, the bank urged its customers to withdraw their funds. Also, it is vital to note that the bank has over 500,000 users, despite that it faced the music due to the unpredictability of the volatile crypto market.
However, experts are anticipating an entirely different picture for N26 as this German bank is a $9 billion European bank that operates fully online, which gives it considerable leverage to maintain its sustainability.
The Final Take
To conclude, the N26’s decision to partner with Bitpanda is worthwhile for users and the crypto industry as it is no secret that the cryptocurrency sector is somewhat witnessing a crisis mode.
N26 has provided an opportunity to its customers, contributing to the crypto industry’s stability.
