German neobank to launch cryptocurrency trading service

July 8, 2021

German neobank to launch cryptocurrency trading service
German neobank N26 will add digital asset trading to the app by the end of the year. That's what FWD writes.

The Berlin-based fintech startup, with a $3.5bn capitalisation, has launched a development centre in Serbia, employing 40 external specialists. The application developed by N26 is used by 7 million customers.

The company has raised €744m ($879m) from Peter Thiel's Valar Ventures, Tencent and Singapore's sovereign wealth fund during the investment rounds.

    "We plan to integrate cryptocurrency exchange into banking and budgeting functionality. We are working with leading bitcoin exchanges to do this. The app will be universal and will include savings products, loans, trading, taxation and digital assets," company representatives explained in an interview with The Block.

Recall that in May, UK-based neobank Revolut launched a beta version of the service, which allows the withdrawal of bitcoin purchased on the platform.

Cryptotransactions accounted for 17% of revenue at Robinhood, another digital-asset-friendly platform, in the first quarter.

In March, the startup's CEO Vlad Tenev announced the addition of a cryptocurrency wallet to the service. Robinhood's chief operating officer Christine Brown subsequently said that the development team had grown fivefold since January.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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