The German neobank N26 will add the ability to trade digital assets in its app by the end of the year. FWD reports.
The Berlin-based fintech startup, valued at $3.5 billion, has opened a development hub in Serbia with 40 invited specialists. The N26 app is used by 7 million customers.
During its funding rounds, the company raised €744 million ($879 million) from Valar Ventures, Peter Thiel, Tencent and Singapore’s sovereign wealth fund.
“We plan to integrate cryptocurrency exchange into the banking and budgeting features. To this end, we are collaborating with leading bitcoin exchanges. The app will become universal and will include savings products, loans, trading, taxation and digital assets.”, — said the company’s representatives in an interview with The Block.
In May, the British neobank Revolut launched a beta version of a service that allows withdrawing Bitcoin purchased on the platform. In June, ForkLog reported that cryptocurrency trading accounted for no less than 15% of the company’s total revenues.
The share of crypto transactions in the revenues of another crypto-friendly platform, Robinhood, in the first quarter stood at 17%.
In March, the startup’s CEO Vlad Tenev announced the addition of a cryptocurrency wallet to the service. Robinhood’s Chief Operating Officer Christine Brown subsequently said that since January the development team had grown fivefold.
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