Dutch fintech and neobank Bunq has made a significant move by launching crypto trading services in six countries, offering access to over 300 cryptocurrencies including popular options like Bitcoin, Ethereum, and Solana.
The announcement, made on Tuesday, revealed that Bunq users in the Netherlands, France, Spain, Ireland, Italy, and Belgium can now take advantage of the new crypto trading feature. The neobank has plans to expand this service to the European Economic Area (EEA), the US, and the UK in the near future.
The decision to introduce crypto trading came as a response to user demand for a simplified, transparent, and trustworthy way to invest in digital assets. Bunq conducted a survey among European global citizens to better understand their crypto investing needs. The results showed that 65% of respondents are seeking a single platform to manage their banking, savings, and crypto investments. Moreover, over half of those interested in cryptocurrencies feel that existing platforms do not meet their requirements. In response to these findings, Bunq aims to bridge the gap by providing a user-friendly and reliable solution.
Ali Niknam, the founder and CEO of Bunq, expressed excitement about meeting the needs of their users by offering a comprehensive platform for saving, spending, and investing, including access to cryptocurrencies. The crypto trading services will be powered by Kraken, a leading cryptocurrency exchange, combining the security of a fully licensed bank with Kraken’s expertise in the crypto market.
Bunq’s foray into crypto trading comes at a time when the neobank has experienced significant user growth. As of June 2024, Bunq reported a user base of over 12.5 million, a substantial increase from nine million users just a year prior. In addition to crypto trading, Bunq provides a range of digital financial services such as debit cards, mortgages, and current/savings accounts through its mobile app. The neobank has also applied for a broker dealer license in the US, indicating further expansion plans in the American market.
Overall, Bunq’s launch of crypto trading services in multiple countries and its plans for broader expansion across the EU demonstrate the company’s commitment to meeting the evolving needs of its users and providing innovative financial solutions in the digital age.