After focusing on its geographic expansion and having won the loyalty of more than 7 million customers, the neo-bank N26 wishes to turn to booming sectors. Thus, the German fintech will introduce in the coming months a trading service focused on cryptocurrencies.
N26 will focus on cryptocurrencies
In an interview with the Financial Times , the co-founder of the German neo-bank N26 , Maximilian Tayenthal , revealed that his company would offer a cryptocurrency trading service during the year 2022.
In this interview, the co-founder admitted to having made a mistake in his expansion strategy. In this sense, he indicates that N26 should have turned to cryptocurrencies earlier .
Indeed, the neobank has favored the expansion of its activities in other continents rather than focusing on booming services.
Currently, N26 is in the process of terminating its services in the US and is also withdrawing from the UK market.
Thus, even if the bank has succeeded in retaining nearly 7 million customers, its geographic expansion has impeded the development of certain activities .
That is why, for the new year, N26 will launch a cryptocurrency trading and stock brokerage activity .
“N26 will focus its strategy on expanding its digital banking experience to include investment products in the coming year,” said Maximilian Tayenthal, co-founder of N26.
Cryptocurrencies, a very competitive sector
It is important to note that the neobank N26 confirmed last summer that it wanted to extend its services to the purchase and sale of cryptocurrencies . However, the project will materialize more than 6 months after this announcement.
While it’s never too late to get started, competitors have already taken the lead in adopting cryptocurrencies .
Indeed, the British neo-bank Revolut has turned to the digital currency sector since 2017. Now, the neo-bank offers the purchase and sale of more than 30 different cryptocurrencies .
In addition, banks are specializing in digital assets and are starting to become very important in the sector. This is for example the case of the crypto-bank Sygnum .
The latter has just raised $ 90 million in a series B financing round with the aim of continuing to expand its service offering focused on decentralized finance (DeFi).
