N26, a German online bank, has announced it will roll out cryptocurrency trading services for customers this year.
as of January 2021, made the decision to expand to the U.K. and U.S. before launching these services. However, they have already exited the U.K. last year, and are currently closing operations in the U.S. Tayenthal stated this has to do with a policy shift after he noticed the bank was “spreading too thinly,” and that there were “so many things to do instead of putting flags in new markets.”While the bank has been successful, being valued at €7.
This is why the German regulator put a cap on the number of customers N26 could admit each month. Currently, only 50K customers can sign in to enjoy the capabilities and services that the company offers. Bafin assigned two representatives to track the progress of the company and report. Tayenthal was confident that N26 could work with regulators to lift this cap that is affecting the growth of the company.