- Over the following six months, N26 will provide a total of 194 tokens.
- Austria will be the pilot market for this rollout.
There may be a bear market going on, but it hasn’t stopped businesses from entering the crypto sector. In reality, conventional financial institutions have begun dipping their toes into the crypto industry by providing products to meet the needs of market participants.
On Thursday, European digital bank N26 said it will provide a cryptocurrency trading service to its clients. As a matter of fact, Austria will be the pilot market for this rollout.
Planned Expansion
The German financial institution will provide its clients with access to cryptocurrencies by using the trading and custody infrastructure of cryptocurrency exchange Bitpanda. N26 Crypto, the service, will launch in the coming weeks for the bank’s Austrian customers and will support 100 tokens at launch, including Bitcoin, Ethereum, Cardano, and XRP.
According to an interview with CNBC by N26’s Chief Product Officer, Gilles BianRosa, the bank’s crypto brokerage service lets customers “dip their toes into the water in a way that’s not frothy. Our users are extremely interested in crypto. That interest remains super high, even in a bear market.”
Over the following six months, N26 will spread the service to customers in additional markets, and it will ultimately provide a total of 194 tokens.
In only a few short months, leading cryptocurrencies like Bitcoin and Ethereum have seen their values drop by more than half. Despite this, the bank went ahead and introduced the service at an even more advantageous period. The crypto market has been under a prolonged bear phase with major coins trading in the red.
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