German Neobank N26 to Launch Cryptocurrency Services
Right now•1 min read•Other
After admitting to making a mistake by expanding in the US instead of focusing on crypto services, the co-founder of N26 promised to release digital asset features to its multi-million user base by the end of 2021.
Founded nearly a decade ago, N26 is a German online bank that expanded into the UK and the US in the past several years as its main goal was to target international clients. However, the co-founder and co-chief executive – Max Tayenthal – believes this strategy could have been a mistake. In a recent interview with the Financial Times, the executive regretted that his company missed out on the cryptocurrency market boom in the past few years. Now, though, N26 has changed its tune as it halted its UK operations last year and plans to close its US services in 2021. “Should we have built trading and crypto instead of launching in the US? In hindsight, it might have been a smart idea.” – Tayenthal said. As such, N26 is currently developing cryptocurrency trading services and an equities brokerage platform, which should see the light of day by the end of 2021. Following the most recent fundraising fund worth more than $800 million, N26’s total valuation now exceeds $8 billion. N26’s main competitor in Europe – Revolut – launched crypto trading a few years ago and its valuation is almost three times higher than the German company.