To catch up, N26 bets on cryptocurrencies and stock brokerage

N26 intends to improve and expand its range of products and services. One of the avenues chosen by the neo-bank is to embark on cryptocurrencies where the company has fallen behind.

Maximilian Tayenthal, co-founder of N26, confirmed the neo-bank’s desire to get into cryptocurrencies. In an interview at FinancialTimes, the manager did not go so far as to detail this new offer which has been in development for several months. However, N26 hopes that it will be attractive enough to make up for lost time.

N26 doubled by the competition

N26 focused on its international expansion, especially in the United States, before realizing that this strategy was not working. The bank is also in the process of closing its service across the Atlantic, as well as in the United Kingdom. And while the bank was trying to establish itself elsewhere in the world, it was overtaken by the competition, which preferred to bet on cryptos.

Revolut entered the niche in 2017 and offers a real exchange platform (purchase and sale) of cryptos, with more than 30 different tokens in the catalog. And Revolut is not the only player wanting to establish itself in cryptocurrencies!

Maximilian Tayenthal admits that the strategy followed by N26 was not the right one, and that he should have turned to cryptos much earlier. The bank, which has 7 million customers, also wants to offer an equity brokerage offer. ” N26 will focus its strategy on expanding its digital banking experience to include investment products in the coming year “, he summarized.

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