German digital bank N26 will have cryptocurrency trading still in 2022

One of the largest European fintechs, with a valuation of US$ 9 billion (R$ 50.7 billion), the German digital bank N26 is preparing to trade cryptocurrencies and shares. The company left two critical markets – the US and the UK – and now plans to turn to its European business with new products and services.

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The exit from the American market took place in November. At the time, N26 announced additional financial products and services for European customers. In an interview with the Financial Times, Max Tayenthal, co-founder and co-CEO of N26, says that, despite being a pioneer in the fintech segment in Europe, the bank has experienced a setback in the diversification of services due to its global ambitions.

N26 will focus on crypto assets and stocks (Image: Disclosure/N26)

He says that N26 intends to start trading crypto in 2022. Then there should be a stock exchange. For now, there are no details on the product features related to crypto trading. The N26 mobile app does not yet offer functionality associated with cryptocurrencies.

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The company was restricted by the German regulatory body, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), in May 2021, due to a lack of anti-money laundering controls. BaFin decreed that N26 cannot register more than 50,000 customers per month. In 2021, the monthly average was 170 thousand new customers.

Tayenthal describes the customer cap as a key constraint on the growth of fintech, which is financed by investors. According to him, the company expects the condition to be lifted in the third quarter of 2022.

Read the article on Canaltech .

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