N26, one of Europe’s largest challenger banks with over 7 million customers has partnered with Bitpanda to launch a new trading feature in its app — N26 Crypto.
Users of the N26 platform will be able to trade crypto assets using money from their N26 account. European crypto organization Bitpanda will handle trading and custody.
The German-based digital bank will leverage the white-label solution provided by Austrian exchange Bitpanda. As a challenger bank it operates completely online. N26 users will be able to buy and sell tokens.
N26 will let you buy, sell and hold 100 different crypto assets. They are planning to roll out the services across Europe, starting with users in Austria.
N26 plans to charge 1.5% for bitcoin trades and 2.5% for all other cryptocurrencies. That’s the same fee that users pay in Bitpanda’s own app.
The main advantage with N26 Crypto is that it is directly tied with your existing bank account. You don’t have to upload money to a different trading account. Furthermore, when you cash out with N26 Crypto, you will get EUR in your main N26 account.
Using Bitpanda’s White Label Solution
We’re excited to announce that we won the largest digital bank in continental Europe as Bitpanda White Label partner: @N26! This will give eligible customers instant access to almost 200 crypto assets.
Learn more about this exciting news: https://t.co/mPj9Q6M8aE
— Bitpanda (@Bitpanda_global) October 20, 2022
Bitpanda provided details of the partnership with its white-label solution on its official blog, stating:
“It’s hard not to be impressed by what N26 has accomplished in a short space of time. Co-founders Valentin Stalf and Maximilian Tayenthal originally started the company in 2013 as a payment app for teenagers. However, after gaining 50,000 customers in a mere six months, the founders quickly realised that the need (and demand) for a different kind of banking was only growing.”
They are not the first digital bank in Europe to tap into the crypto markets. Revolut has also been offering cryptocurrency services and trading activities.
It recently secured the first crypto asset service provider license from the Cyprus Securities and Exchange Commission.
Bitpanda also partnered with payments applications Lydia, a French based organisation to introduce the ability to trade cryptocurrencies and ETFs.