N26 Partners With BitPanda to Introduce Crypto Trading Tools

German neobank, N26 in partnership with Austrian digital bank BitPanda has launched cryptocurrency trading tools.

The service will first be available to Austrians then feedback from Austrians will influence the push to other markets in the next six months. With the new service dubbed N26 Crypto, customers can purchase and sell digital currencies on the N26 app. 

In the coming days, some Austrian bank customers with the help of Bitpanda’s trading and custody platform will be permitted to trade up to 100 digital assets including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple XRP, Solana (SOL), Avalanche (AVAX), Shiba Inu and others. In the near future, N26 plans to increase its token offering to about 194 coins.

This trading tool release which was initially scheduled for late last year is facilitated through BitPanda’s white-label business APIs which permit other networks to use its trading tool. On the N26 apps, authorized customers can access this service through a tab tagged ‘Finance’. For now, customers can only buy and sell but cannot transfer digital assets to other wallets.

To complete a transaction, customers will select a digital asset of choice and then specify how much of it they are willy to either buy or sell. Once the transaction is initiated and approved, the equivalent value of the coin will be deducted or added to their main bank account balance. This value will then appear alongside the token of their choice.

Fintech Firms Delves Into Crypto Trading

Valentin Stalf, Chief Executive Officer of the $9 billion European digital bank N26 commented “While cryptocurrencies have seen a decline in value over the last year, they 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.”

Several other fintech firms have since launched crypto trading capacity on their platforms. British fintech company Revolut recently introduced this service in Singapore. Revolut Singapore customers can now buy, sell and hold about 80 tokens through the app. 

Also, Nubank in partnership with Paxos entered into the crypto trading ecosystem earlier this year. Latin America’s leading digital bank recently launched its cryptocurrency dubbed Nucoin.