N26 opens its doors to the crypto world
N26 opens its doors to the crypto world

N26 opens its doors to the crypto world

By George Michael Belardinelli - 1 Nov 2022

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Digital bank N26 boasts more than 7 million users overall and is very well established in Central Europe, especially in Italy where its second office is located (in Milan).

N26 to conquer the crypto world

Following in the footsteps of other credit institutions and hubs such as PayPal, Revolut, Mastercard and Visa, the German bank in recent days has launched the N26 Crypto service as well, which allows trading in digital currencies (omen nomen as the Latins used to say) aimed at those who are already customers of the institution.

The service, which boasts the ability to trade more than 100 tokens at any given time seamlessly over a 24-hour period, plans to start in Austria, which will enjoy the possibilities offered immediately, but within six months as communicated by the company it will be extended throughout the European Union.

The opening to digital currencies is a nice sign, especially at a time when the bear market does not help this asset from the point of view of appeal but in any case, it is a signal toward that mass adoption that would do so much good mutually for both banks and the crypto asset.

Meanwhile, the Brazilian digital bank Nubank on Tuesday announced a step ahead of the other banks by introducing the launch of its own token called Nucoin highlighting what is the real limitation of N26’s move or rather the slowness in the step taken.

Gilles BianRosa, head of N26’s product office, told CNBC that they have been late compared to the competition but that in his heart he is also confident that they can make up for lost ground by being able to count on customers with a great interest in favor of the digital currencies asset despite the bear market.

Gilles BianRosa, points out that at the end of the Austrian trial period, conclusions will be drawn that will lead to the expansion of the service to an additional 100 tokens for a total of 200 coins and tokens, assuming all goes according to plan.

The service already in use in Austria does not require downloading additional apps or updating the existing one as everything has already been implemented remotely without creating additional accounts and speeding up the process.

The cryptocurrency trading landscape

MetaTrader 4 and TradingView which are platforms that are already very popular among professionals give the possibility to invest after consulting professional technical analysis and also gives the possibility to make second-level orders with stop loss.

The WebTrader service, on the other hand, allows users to practice trading thanks to artificial intelligence, and with an initial starting deposit of only €20 one can upgrade to a real account.

The downside compared to giants such as Binance, which provides for total gratuity, are the fees that will be 1.5% for transactions in Bitcoin and 2.5% for those in the other digital currencies, expected to decrease the percentage by 1% and 2% if the customer chooses to switch to the Metal account.

The structure of the service offered is simple and intuitive and in just a few steps users can succeed in their goals.

From the “Finances” window there is access via the “Trading” item where by pressing on “Get started with crypto” it is possible to choose the token from the list of selectable ones, once found, all that remains is to press on “buy” and that’s it.

The operation also requires registration to comply with the now well-known KYC (Know Your Customer) and AML (Anti Money Laundering) checks.

The development of N26 Crypto was made possible through a long-standing partnership with digital currency exchange BitPanda.

However, the service offered by N26 for now does not offer custodial capability, and this results in customers using the implementation being required to keep funds within the bank without being able to move them at will.

The gimmick of not being able to move one’s funds elsewhere has passed for many as a flaw effectively making the circuit closed, yet for the German banking institution on the other hand, users’ assets thus enjoy greater protection and safeguards from hacker attacks on both privacy and the pockets of both bank and users.

In the next six months, as mentioned above, there is a plan to extend the service to other European Union countries including Italy, which has a high number of cryptocurrency investors in political Europe along with France.

George Michael Belardinelli

A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality

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