The battle for cryptocurrency acceptance appears to be entering a new phase, as German digital banking organization N26 announced this week the new feature for users – they can now exchange Bitcoin on their bank accounts.
N26 administration is really excited about spreading out the capacity of its service infrastructure to more than 200 cryptocurrencies. Nevertheless, the first 100 crypto-coins will include Bitcoin, Ethereum, Ripple and Cardano.
The product manager, Gilles Bianlosa, stated that all the functionality of N26 has always been designed with the client in mind, with functions that make it easier for the user to operate his assets. The bank team implemented seamless integration to provide a fully integrated banking experience for every user. And the new function of crypto-trading is built with the same thought in mind.
How the system works
N26 bills a 2.5% commission on all transactions. Trading on this service is extremely easy. Users simply choose a token of their liking and specify the sum that they want to exchange. Once the command is executed, the sum set before is subtracted from the balance in the main account.
N26 reports that clients have a chance to exchange their funds by simply dragging and dropping the icon. The German commercial organization uses Bitpanda, a cryptocurrency exchange system originally created in Austria. Nevertheless, N26 has a very high transaction fee, which may discourage users. All transactions with other cryptocurrencies are subject to a 2.5% fee, except for Bitcoin – here the fee is only one and a half percent.
N26’s update may be more timely
Other financial services such as PayPal or Mastercard have already integrated cryptocurrency transactions into their services, so N26 seems a bit late in the decision. Brazilian electronic banking service Nubank released its own cryptocurrency just this week.
Nobody can argue with the fact that the cryptocurrency industry is presently in serious turmoil, which has affected many companies and forced them to shut down. Nobody can say it for sure when a bull market will replace a bear market in the cryptocurrency market. But many believe that the future is optimistic.