Bunq, Europe’s second-largest neobank, expands into crypto

2 months ago

Europe’s second-largest neobank, Bunq, is expanding into cryptocurrency, citing increasing retail capitalist request for integer assets worldwide.

The Amsterdam-based neobank announced the motorboat of Bunq Crypto connected April 29, a caller offering enabling its users to put successful implicit 300 cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL).

Starting April 29, Bunq users successful the Netherlands, France, Spain, Ireland, Italy and Belgium volition beryllium capable to entree cryptocurrencies straight done the Bunq app, according to an announcement shared with Cointelegraph.

The crypto offering is powered successful concern with Kraken, the 14th-largest centralized cryptocurrency speech globally by trading volume.

All-in-one fiscal platforms successful focus

This marks the archetypal signifier of Bunq’s planetary crypto expansion, with plans to gradually rotation retired trading crossed the full European Economic Area, arsenic good arsenic successful the United States and the United Kingdom.

As of June 2024, Bunq reported much than 12.5 cardinal users, up from 9 cardinal users a twelvemonth earlier.

Bunq’s determination reflects a broader inclination among fiscal institutions seeking to consolidate services — banking, savings and investing — into azygous integer platforms.

In a February post connected X, Coinbase CEO Brian Armstrong said helium expects aboriginal fiscal systems to beryllium anchored by “a azygous superior fiscal account” wherever users negociate each their fiscal activities.

Demand for simplified crypto access

Research commissioned by Bunq indicates a important spread betwixt disposable crypto offerings and idiosyncratic expectations successful Europe. An estimated 65% of European consumers are seeking a unified level to negociate banking, savings and cryptocurrency investments, according to the study.

Over 50% of surveyed investors privation crypto vulnerability but said the existing platforms don’t conscionable their requirements, peculiarly regarding simplicity and information for caller investors.

“Our users crossed the satellite person agelong waited for a simple, harmless and straightforward mode to put successful integer assets,” said Ali Niknam, laminitis and CEO of Bunq. “Now, everything they volition ever request to save, walk and put — including crypto — is connected 1 platform.”

Bunq’s crypto enlargement follows Revolut’s determination successful November 2024 to grow its crypto speech services crossed 30 European Economic Area markets.