The co-founder of German neobank, N26 has recently announced that it has made a decision to launch crypto trading later this year 2022. According to the co-founder of the company, N26 is working very hard to keep up with the global expansion of the crypto industry and ensure that they are not lagging behind.
N26 is one of the largest fintech companies in the EU and has a valuation of over $9 billion. Although N26 is one of the earlier players in the fintech boom of the EU, the company still manages to be one of the leading and innovative corporations in the market.
Over the years of its existence, the company had to go through numerous hardships that have made it very hard for N26 to keep up with the developments and trends around the world.
Leaving the United States and the United Kingdom, which are among the leading markets for the fintech industry, was a very hard decision for N26. However, the representatives of the neobank claim that they are planning to put more attention on the European industry. In Europe, N26 plans to offer new products and services to over 7 million active customers.
The crypto trading business of N26 should be launched this year, which will be followed by equities brokerage. As of today, the mobile application of the neobank N26 does not support crypto transactions. It has yet not been revealed how the features of crypto trading will look like on the app.
Exiting the US Market
The information regarding N26 leaving the US market was announced in November. This happened during the time when the company issued some statements regarding the development of additional services and financial products for the European market.
The announcement of the company said that it was ready to shift focus fully on the European market and developing as well as broadening the digital banking offerings into a new level throughout 2022. While N26 had many plans regarding its future development, the journey does not seem to be as easy as it seemed at first.
The neobank was hit with several restrictions from the financial regulatory agency of Germany, the Federal Financial Supervisory Authority, BaFin. One of the restrictions that it was hit by was due to the lack of anti-money laundering laws and requirements.
One of the restrictions that were issued against neobank N26 was that it would no longer be able to onboard more than 50,000 customers per month. During the introduction of this restriction, N26 was onboarding 170,000 new customers per month on average.
According to the representatives of N26, this restriction has affected their future growth plans quite a lot, considering that the company is a growth investor-funded fintech. However, the company expects this restriction to be lifted by the summer of 2022.
Plans for the Future
As it can be seen from the recently-announced decision of the neobank to support crypto trading, N26 is working hard towards the future development of innovative services.
Thanks to the recent decision of the company to offer clients crypto services N26 will be able to keep up with the future developments in the financial markets. Crypto trading has managed to become one of the most popular financial markets around the world.
There are millions of people around the world trading cryptocurrencies. One of the main reasons why it has become so easy for individuals to get started in the market is the huge surge in the numbers of crypto exchanges available in the market.
There are hundreds of crypto exchanges that offer traders from all different parts of the world their services and getting started with them is usually a very easy and simple process.
Also, today, traders do not even have to have huge experience in the crypto market to make some profits from it. They can simply use auto trading crypto robots that are making everything a lot easier for individuals. Thanks to the crypto trading robots, retail traders can analyze the market in a matter of minutes and make correct judgments for the price movements in the market.
Crypto Trading in Germany
The cryptocurrency industry is very popular in Germany. Digital coins are very commonly transferred and traded among companies as well as individuals in the country.
Several reports have shown that the interest in the crypto industry has increased a lot in the country, with over 2.1 million people owning cryptocurrencies. This is as much as 2.62 percent of Germany's population. The most popular cryptocurrency among German traders is BTC.
Germany is also one of the few countries in the region that have already started regulating the cryptocurrency industry. The German Banking Act includes some laws regarding the crypto industry. According to the official ruling of the German Federal Financial Supervisory Agency, GFFSA, digital currencies have been classified as units of account. As a result, this requires any BTC platform in the country is required to get a license from the GFFSA.
The main reason behind adopting the regulations was the increasing interest of individuals in the cryptocurrency industry. According to the representatives of the German government, these regulations are aimed at making the market safer and more secure.
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