(Kitco News) - The German neobank N26, which currently has a valuation of $9 billion, has launched crypto trading on its mobile app thanks to a partnership with the investment platform Bitpanda.
Beginning today, customers in Austria will be able to trade more than 200 tokens – from market leaders Bitcoin and Ether to fan favorites like Dogecoin and Shiba Inu – with support in other countries to be rolled out over the next six months.
Trading on N26's mobile application is made possible by APIs from Bitpanda's white-label business. The firm said that the new crypto app is intended to address "strong local demand," with 40% of N26 users actively trading or expressing interest in investing in cryptocurrencies.
More than 8 million customers across Europe use N26 for trading, but many will have to wait to access crypto trading until Bitpanda can secure the necessary operating licenses. In addition to Austrian regulatory approval, Bitpanda is also currently registered with the French, Italian, Swedish and Spanish regulatory authorities.
Customers who have completed N26's identity verification and eligibility checks will now be able to access the "trading" section of the N26 mobile app, which is found under the "Finances" tab. The transaction fee is set at 1.5% for Bitcoin (BTC) and 2.5% for other currencies.
"While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system," said N26 CEO Valentin Stalf in the announcement. "Cryptocurrency trading is often the entry point to investing for a new generation of investors who are looking to explore ways to grow their wealth."
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Oanda launches in the U.S.
Across the pond, the foreign exchange company OANDA has announced the launch of a new cryptocurrency trading offering in the U.S. crypto market that is "designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment."
The new system was developed in partnership with Paxos Trust Company, a regulated blockchain infrastructure platform after the two firms signed a deal to collaborate back in September.
The new offering from OANDA aims to allow investors to spot trade cryptocurrencies alongside its forex desk by utilizing Paxos's itBit exchange. The entire process, from opening a Paxos account to funding and trading, is managed within the OANDA mobile application.
The new crypto desk and Paxos Trust partnership coincide with the release of OANDA's new brand identity and serves to highlight "the company's emphasis on enabling smarter trading for its clients."
"As the number of Americans seeking exposure to cryptocurrencies grows, it's becoming clear that digital assets should form part of a unified trading experience for active traders and sophisticated investors," Oanda CEO Gavin Bambury said in the release.
"Our partnership with Paxos continues that growth trajectory as its regulated blockchain infrastructure allows us to provide our clients access to crypto trading, so they have a fast and secure route to the digital economy."
According to the press release, users on the platform now have the ability to trade major cryptocurrencies, including Bitcoin, Ethereum and PAX Gold, against the U.S. dollar.
