German fintech service N26 has launched a new service called N26 Crypto, allowing customers to buy and sell cryptocurrencies. Initially, N26 will offer the new product to clients in Austria, with more regions to be added in the next six months, the company wrote in a blog post.
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The Berlin-based firm is offering the new service by using Bitpanda's white label solution, a press release shared with iHodl says. For each altcoin purchase or sale, N26 is charging users a 2.5% fee. For bitcoin (EXANTE: Bitcoin), however, the neobank is taking a lower fee of 1.5%. Bitpanda CEO, Eric Demuth, said:
"As the industry evolves it is becoming increasingly clear that the best way for fintechs to truly have an impact on people’s lives is by working together."
Users can only sell their crypto as no withdrawal to external wallet is supported at this moment. In the long run, N26 wants to offer clients around 200 altcoins.
N26 is a German neobank, which provides free basic current account and a debit card, with available overdraft and investment products and premium accounts for a monthly fee. The financial company counts a variety of backers, including Peter Thiel's Valar Ventures and Li Ka-shing. In October 2021, N26 raised a $900 million Series E round at a $9 billion valuation.
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