N26 has been within the headlines lately, and never all the time for the appropriate causes.
Final week on Oct. 11, 2022, they introduced elevated losses over the previous two years and a slowdown in buyer progress. This adopted a yr of setbacks from what’s reportedly one in all Europe’s most dear neobanks.
Nevertheless, on Oct. 20, N26 introduced a extra optimistic step.
Bitpanda, a fintech unicorn N26 had its eye on for some time, has partnered with the neobank to carry crypto capabilities to its prospects.
Bitpanda’s White Label product
On the heart stage of the partnership is Bitpanda’s White-Label resolution. The infrastructure, pushed by APIs, permits fintechs and conventional banks to entry buying and selling and custody providers. By means of the partnership, eligible N26 prospects can put money into virtually 200 cryptocurrencies.
“Because the trade evolves, it’s changing into more and more clear that one of the simplest ways for fintechs to influence folks’s lives actually is by working collectively,” mentioned Eric Demuth, co-founder, and CEO of Bitpanda.
“Bitpanda White Label, our investing-as-a-service resolution, provides our B2B companions entry to the entire Bitpanda infrastructure in a modular and particular person approach. It’s our dedication to an thrilling, collaborative imaginative and prescient for the way forward for finance and is constructed round 8 years of hard-won buying and selling expertise.”
“We’re excited to welcome N26 as Bitpanda White Label’s newest companion and stay up for persevering with our work to advocate for a monetary providers trade that works for everybody.”
A ‘long-term’ bid
N26 will solely offer crypto buying and selling as a “wealth-building function.” Clients will be capable to purchase, promote and maintain tokens, however won’t be able to make transfers.
The function will even not be nameless. Every buyer will endure a rigorous vetting course of, requiring compliance with “strict eligibility standards” and the usual KYC.
“Whereas cryptocurrencies have seen a decline in worth over the past yr, they continue to be a requested and fascinating asset class for buyers and a rising a part of the monetary system,” mentioned Valentin Stalf, N26 co-founder and Co-CEO.
“Cryptocurrency buying and selling is usually the entry level to investing for a brand new technology of buyers trying to discover methods to develop their wealth. With N26 Crypto, we provide a easy solution to commerce and make investments, with a fantastic consumer expertise and low and clear charges.”
The partnership can be rolled out progressively to N26 prospects in Austria earlier than being made accessible throughout different markets within the coming months.
Representatives have mentioned that the choice to launch in Austria has come from a rise in “sturdy native demand.”
They discovered that 40% of their prospects within the jurisdiction have been already buying and selling or had proven an curiosity. The financial institution has described this transfer as a “long-term” technique and may very well be a bid to enhance dwindling numbers of recent prospects onboarding between 2020 and 2021.
As extra neobanks announce cryptocurrency capabilities, solely time will inform if this determination will repay for N26.
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