5 years after Revolut, crypto on N26

17


By calling on Bitpanda to provide its white label services, N26 will be able to catch up with Revolut on the crypto-currency part. Almost five years after its direct competitor taking the lead in Europe, the German neo-bank has just announced its new service where 100 different crypto-currencies will be offered. An announcement made in full bear market.

France, unfortunately, is one of the countries on the waiting list. Austria is the first market affected and customers will be able to experience N26 Crypto in the coming days. Otherwise, the facility says the rest of the European rollout will be completed over the next six months. 94 other tokens will complete the offer later.

“And I’m sure the business will soon expand into equities and other asset classes”commented journalist Romain Dillet from Tech Crunch. It must be said that the neo-bank intends to integrate cryptos on its application via a new menu called “Finances”. Revolut, for its part, also offers stock market shares and commodities, pending the imminent arrival of savings. PayPal, in 2020, was the first fintech to look into the subject. It was at the origin of the start of the massive rally in cryptocurrency prices which led Bitcoin to more than 50,000 euros in March 2021.

Cryptocurrency on N26

There is only one point on which N26 has already taken the lead from Revolut: consumer credit. But then again, N26 has never offered this kind of product on its own, but through partnerships like with Younited Credit, another French fintech that also works with Lydia. Bitstamp, its new partner, also works with Lydia. The offer of crypto-currencies on N26 will therefore resemble what can be found in the French payment application where it will suffice to click on a crypto, enter the amount you wish to buy, then leave the application deduct these funds from our account.

N26 Crypto Pricing: Fees

  • 2.5% fee on all buy and sell transactions
  • 1.5% fee for Bitcoin transactions
  • 2% fee for N26 Metal customers
  • 1% fee for N26 Metal customers on Bitcoin

Revolut works differently and is now looking to get rid of its partners to offer its services independently. For a long time, because of its white label services, users did not officially own their cryptocurrencies. Now it does, and they can even send their assets to other wallets. Revolut’s lead is therefore still held, especially since it obtained, at the end of September, the green light from the British authorities for full registration as a crypto-asset company. Revolut even wants to launch its own cryptocurrency!

Cryptos on Revolut

Why choose Austria in the first place? N26 does not give any details, but it is certainly in connection with the authorities. Bitstamp’s headquarters are in Vienna. On site, N26 has certainly already obtained the green light from the regulators, which is certainly not yet the case elsewhere. N26 has been working on its new service for over a year, however. But internally, the infernal turnover of the company certainly poses a problem for it and N26 recently said that it had to reinforce its “structural expenses” in particular on “regulatory aspects”. One thinks in particular of the forced closure of accounts for many customers, overnight.

A loss-making model that wants to go public

In its program, N26 intends to go public as soon as possible. The goal, of course, will be to raise new capital at a time when after almost 10 years of activity, the neo-bank will not be able to attract the help of investors indefinitely. Problem: at present, N26 is not profitable and accuses millions of euros of losses. Of his 8 million customers, in the end, only 3.7 million bring him money.

The commissions received with crypto-currencies may be a solution to get your head above water. But would it still be necessary for the market and the prices of virtual currencies to regain their attractiveness. Investor confidence, whether in cryptocurrencies or in cryptocurrency exchanges, is not looking good.

Current account

Conditions: None

Annual fee: €0 • Initial deposit: €0

Check deposit: ✘ • Cash deposit: ✘

Bank card

Monthly cost of the card: 0 €

Euro zone withdrawals: 3 withdrawals Free (then €2) • Euro zone payments: Free

Foreign currency withdrawals: 1.70% • Foreign currency payments: Free

Proposed cards

mobile payment

SEE MORE

1

Current account

Conditions: None

Annual fee: €0 • Initial deposit: €0

Check deposit: ✘ • Cash deposit: ✘

Bank card

Monthly cost of the card: 0 €

Euro zone withdrawals: Free up to €200 per month • Euro zone payments: Free

Foreign currency withdrawals: Free up to €200 per month • Foreign currency payments: Free

Proposed cards

mobile payment

SEE MORE

1

Leave A Reply

Your email address will not be published.

rabit tradon seo tool seo hyperlink with keyword generate reset