It is estimated that the launch of the platform will take place this year, although there is no precise date.
N26 has more than 7 million customers, scattered in at least 24 countries around the world.
The German neobank N26, one of the largest fintechs in Europe, will launch a trading platform for bitcoin (BTC) and other cryptocurrencies this year; in what is supposed to be an attempt at global expansion, hand in hand with this new economy.
This was revealed by the co-executive director of that company, Max Tayenthai, in an interview with the British newspaper Financial Times, where he highlighted that, In addition to trading, they want to launch a stock brokerage.
“We really want to expand our universe of products and we have to,” he said, after acknowledging that they missed the cryptocurrency boom.
N26, which is home to more than 7 million customers in 24 countries around the world, although it has grown exponentially in recent years, left aside the community of bitcoin and the rest of the cryptocurrencies. This isolated him from the development of services related to these digital assets.
In fact, this company, which had a presence in the United States (USA), decided to leave that North American country and close its operations. This, after it did the same in the United Kingdom, this in 2020.
“Should we have created a cryptocurrency trading platform instead of launching in the US? In hindsight, it could have been a smart idea, ”Tayenthal acknowledged.
The manager admitted that in recent months, the neobank was spreading very little among users and that, therefore, “there are many things we can work on instead of putting flags in new markets.” making direct reference to cryptocurrencies.
However, despite the announcement, in the N26 mobile application, there is not yet a dedicated bitcoin feature. The characteristics of this tool have not been revealed either, but it is estimated that they will be communicated in the coming months.
N26 co-founders Valentin Stalf (left) and Max Tayenthal (right).
Source: Financial Times.
German banks bet on Bitcoin
The announcement of N26, to integrate a platform to trade bitcoin and other assets, proves that, in Germany, there are institutions that welcome cryptocurrencies.
In CriptoNoticias we report, for example, the vision of Deutsche Bank, one of the largest financial institutions in that European country, which recognized that BTC is a “too important” currency to ignore.
It was even known that that bank had plans to offer a cryptocurrency custody and sale service. This, according to what we reported, was intended for institutional clients.
And in what is a clear acceptance of the digital economy, more than 4,000 investment funds in Germany showed their intention to invest in BTC, fact duly reviewed by this means.
In April 2021, it became known that the Spezialfonds, as they are known and that are in charge of managing the investments of institutional clients in that country, they could invest up to 20% of their portfolio in bitcoin.
Thus, and while the platform is specified, it remains to be seen the growth of digital assets in the old continent, which, even advancing in bitcoin regulations, remains one of the regions where the most use of cryptocurrencies is reported.