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German Bank ‘N26’ to Offer Crypto Trading Services

Businesses are increasingly entering the crypto sector despite the cold winter it is going through. Conventional financial institutions are venturing into the crypto industry by offering products to cater to the needs of market participants.

European digital bank N26 announced that it is launching cryptocurrency trading services for its clients on Thursday. Austria will undoubtedly be the pilot market for this rollout.

The German financial institution will provide access to cryptocurrencies to its clients through the trading and custody infrastructure of the cryptocurrency exchange Bitpanda. N26 Crypto will launch in the next few weeks for the bank’s Austrian customers and will support 100 tokens at launch, including the major ones— Bitcoin, Ethereum, Cardano, and XRP.

N26’s Chief Product Officer, Gilles BianRosa, stated in an interview that the bank’s crypto brokerage service lets customers experience crypto without being too fazed by its volatility. He added that “our users are extremely interested in crypto. That interest is untethered despite the bear market conditions.”

The following six months will see N26 spread the service to customers in more markets, ultimately providing a total of 194 tokens.

Leading cryptocurrencies like Bitcoin and Ethereum dropped by more than half of their values in only a few months. The bank still went ahead and introduced the service at an even more advantageous period. The crypto market has been under a prolonged bear phase as major coins trade in the red.