The German challenger bank hesitated to become a crypto trading platform like the main competitor Revolut has become during last year, this has changed.
N26 plans to release its trading feature for the beginning of 2022, crypto trading should start at the end of this year, Finance FWD reported.
CEO of N26, Valentin Stalf is not a big crypto fan, but he bowed to the demand: “Customers want crypto,” he said.
To implement the crypto feature, N26 is now relying on its own development. According to information from Finance Forward, N26 is working with a partner in Serbia for the feature.
N26 is also reportedly putting together a development hub in Serbia in order to benefit from the technical talents in Eastern Europe.
“The 40-person team there works closely with the global product and technology teams at N26,” said the spokesman.
The information about the shift of N26’s view on the cryptos may seem shocking to some. N26 has been famously sceptical of the crypto industry. Even in the general terms and conditions, there was a note that crypto transactions can lead to the termination of the account.
However, the pressure that Revolut managed to put on N26 with adopting crypto’s do swiftly seem to be the key reason why has the management of N26 conceded to the crypto boom.
The next thing that resembles Revolut’s approach is that a whole new “marketplace” feature is planned for the app, which is also about to become a kind of a super-app, CEO Valentin Stalf recently explained.
Recently, N26 announced that it has convinced 2 million French customers to use its services after 4,5 years since entering the market.
The company indicated that its mobile application is used on a daily basis by the majority of its customers. In France, N26 represents a volume of more than 1 billion euros of transactions per month on average (over the last 6 months).