German digital bank N26 has rolled out its Crypto offering in five new markets in Europe.
The service was initially launched in Austria, Germany, Switzerland, Belgium, Portugal, and Ireland.
N26 Crypto enables customers to purchase and sell up to 200 cryptocurrencies via the bank’s mobile app.
In a statement, the bank said that the product will be gradually made available to qualified customers over the coming weeks.
N26 Chief Product Officer Gilles BianRosa commented: “With N26 Crypto, we have created a simple and intuitive product that seamlessly integrates into N26’s fully regulated banking experience, where bank balance, savings and portfolio of investments sit side by side, with cryptocurrencies being the first asset class that we intend to offer.”
The move comes amid turmoil in the market, which is believed to have caused the cryptocurrency market’s value to drop by around two-thirds in the past 14 months.
In Q4 2022, crypto bank Silvergate Capital reported a net loss of $1 billion, and plans to reduce its workforce by 40 percent.
N26 Co-Founder and Co-CEO Valentin Stalf said: “Market fluctuations aside, cryptocurrency continues to be an attractive asset class for investors as well as a growing part the financial system. Cryptocurrency trading is often the entry point to investing for a new generation of investors looking to explore ways to increase their wealth.”
In March 2022, the Italian branch of N26 was blocked by the central bank from adding customers due to anti-money laundering violations.
