Berlin-based neobank N26 has established a cryptocurrency service that will allow customers to buy and sell 100 cryptocurrencies.
The largest fintech bank in Latin America, Nubank, has also jumped on the bandwagon and launched its own cryptocurrency in Brazil. Interestingly, Berkshire Hathaway, the holding company of the conglomerate headed by the famous investor and crypto critic Warren Buffett, is among the financial sponsors of the banking institution.
Although the crypto market has declined significantly in 2022, some banks remain bullish on the sector. One such example is the German N26, which has partnered with Bitpanda to allow its users to trade 100 digital currencies, including Bitcoin (BTC) and Ether (ETH).
The service, called N26 Crypto, will be available for the first time in Austria and should reach other countries in the next six months. The company also plans to expand the number of supported tokens to 194 in the future.
Product manager Gilles BianRosa argued that the service allows users to “dip their toes in the water in a way that doesn’t foam”. He highlighted that the crypto winter has not vaporized customer interest in bitcoin and altcoins:
“Our users are extremely interested in cryptocurrencies. That interest remains very high, even in a bear market.”
The executive said that N26 believes in the long-term development of cryptocurrencies. “It’s not like we’re trying to time the launch with the market performance,” he said.
BianRosa highlighted the “very solid working relationship” between N26 and the control bodies. The institution has already informed them about the upcoming service and received their approval.
A separate press release revealed that Brazilian digital banking startup Nubank will launch its own cryptocurrency in the country. The token, called Nucoin and based on Polygon, should see the light of day in the first half of 2023. The company described the upcoming product as “a new way to recognize customer loyalty and encourage engagement with Nubank products.”
Before its official launch, the firm will select 2,000 clients to test the asset, who will give their opinion on its pros and cons.
Headquartered in Sao Paulo, Nubank is the largest fintech bank in Latin America. It serves more than 52 million people in Brazil and approximately 1.5 million users in Mexico and Colombia.
Earlier this year, Berkshire Hathaway, Warren Buffett’s investment giant, bought $1 billion worth of the institution’s stock. The interaction between the legendary investor and the crypto-friendly bank came as a surprise as he is a fierce opponent of bitcoin.
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This post These Banks Are Venturing Into Crypto Despite The Ongoing Bear Market
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