N26 - A German Neobank Will Begin Crypto Trading By This Year.

N26 - A German Neobank Will Begin Crypto Trading By This Year.

2022-01-11 | Big Bob

N26 - A German Neobank Will Begin Crypto Trading By This Year.

Following straining for worldwide growth, German neobank N26, another of the largest European fintech businesses with a $9 billion value, is ultimately prepared to handle cryptocurrency and stocks trading.

In a Financial Times editorial, N26 co-founder, as well as co-CEO Max Tayenthal, noted that notwithstanding being a pioneer in Europe's financial tech boom, the Berlin-based digital bank's worldwide goals caused a delay in its expansion of services.
N26 wants to "intensify its emphasis on its European business" by providing fresh goods as well as services to its 7 million consumers after departing two important fintech regions — the United States as well as the United Kingdom.

N26 plans to start a cryptocurrency trading company in 2022, accompanied by an equities brokerage, rather than "placing flags in new markets," as per Tayenthal, who stated that the digital bank requires to extend its product range.

The N26 phone application does not presently support cryptocurrency, as well as the characteristics of the planned crypto trading product, have yet to be unveiled. N26 has been contacted for further data, and this item will be amended when fresh data becomes available.

In November, N26 declared its withdrawal from the US market while teasing new financial products as well as services for its European clientele.

In May 2021, the German regulator, the Federal Financial Supervisory Authority, or BaFin, imposed many limitations on the corporation, mainly owing to a shortage of anti-money laundering safeguards. N26, which onboarded an average of 170,000 fresh consumers per month last year, will be limited to onboarding no over 50,000 new clients each month, according to BaFin.

Tayenthal added he expected the BaFin-imposed new client quota to be overturned by later summer 2022, characterizing it as a "huge constraint" for the development of investor-funded financial technology.

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