Bunq, the second largest neobank in the EU, is expanding its services to include crypto trading with the help of crypto exchange Kraken.
With more than 17 million users across Europe, the Dutch neobank plans to launch a crypto trading service called Bunq Crypto. The service will be initially available across six European nations, including the Netherlands, France, Spain, Ireland, Italy, and Belgium.
However, the bank’s CEO declared it will soon be available across the rest of the European Economic Area.
Launched in partnership with crypto exchange Kraken, users will be able to open an account “within seconds” and trade more than 300 crypto assets, including major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). According to a report by Tech EU, the bank decided to dive into crypto due to high customer demand.
Research conducted by the European bank showed that around 65% of European citizens want to manage all their funds — including banking, savings, and crypto investments — all in one platform.
In addition, the bank also plans to expand its crypto trading services into U.S. and U.K. markets, where it has applied for operating licenses.
Bunq founder and CEO Ali Niknam said the bank had wanted to provide crypto services for users earlier. However, due to regulatory constraints, it has refrained from making that leap. Now that the region has adopted clearer regulations for firms dealing with crypto, the bank has chosen to proceed with its plans.
“The regulatory landscape has changed and is now more susceptible to this kind of innovation; as always Bunq dived in and now we’re the first bank to deliver crypto!” said Niknam.
Most recently, Revolut also launched a crypto service through its mobile crypto exchange app. It is available for users based in the U.K. and the broader European Economic Area. Through the app, users can trade more than 400 cryptocurrency pairs and 220 digital tokens.
