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German digital financial institution N26 has rolled out its cryptocurrency offering N26 Crypto in 5 new European markets.
Launched in Austria late final 12 months, the service is now obtainable in Germany, Switzerland, Belgium, Portugal, and Eire.
N26 Crypto service permits prospects to purchase and promote round 200 cryptocurrencies via the financial institution’s app.
Within the upcoming weeks, the product will regularly change into obtainable to certified purchasers, the financial institution famous.
By means of N26 Crypto, the digital financial institution hopes to help its customers to handle extra parts of their funds.
N26 chief product officer Gilles BianRosa stated: “With N26 Crypto we have now created a easy, intuitive product that integrates seamlessly into N26’s fully-regulated banking expertise the place one’s financial institution stability, financial savings, and funding portfolio sit aspect by aspect – with cryptocurrencies being the primary asset class we intend to supply.”
The transfer comes amid market-wide turbulence, which is thought to have reduced the value of the cryptocurrency market over the previous 14 months by round two-thirds.
Most just lately, crypto financial institution Silvergate Capital reported a net loss of $1bn within the fourth quarter of 2022.
Beforehand, the agency stated it might trim its workforce by 40%, reported Reuters.
N26 co-founder and Co-CEO Valentin Stalf stated: “Market fluctuations apart, cryptocurrencies proceed to stay a requested and fascinating asset class for traders and a rising a part of the monetary system.
“Cryptocurrency buying and selling is usually the entry level to investing for a brand new era of traders who need to discover methods to develop their wealth.”
In March 2022, the Italian central financial institution blocked N26 from onboarding new customers citing anti-money-laundering lapses.
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