Cryptocurrency trading expands in Germany with Bunq's introduction of over 350 digital currencies.
In a move to expand its services and cater to the growing demand for crypto investments, Bunq, Europe's second-largest neobank in user numbers, is now offering a seamlessly integrated crypto trading platform in Germany. This service, known as Bunq Crypto, is the result of a partnership with Kraken, a globally established and safe crypto exchange.
Bunq Crypto allows customers to invest in cryptocurrencies easily, with the added assurance of compliance with the EU's MiCA regulation (Markets in Crypto-Assets). This means that users can access fully regulated crypto trading services directly within the bunq app, benefiting from the new EU-wide MiCA framework that regulates crypto-assets uniformly across member states.
The technology for Bunq Crypto is based on Kraken Embed, a technical implementation that leverages Kraken's MiCA license to ensure all crypto transactions and investments comply with the latest EU crypto regulations. Kraken acts as the licensed custodian and trading platform, while bunq provides the user interface and banking features, creating a seamless, compliant experience for customers.
Trading fees for Bunq Crypto depend on the respective Bunq subscription, ranging from 0.25% in Elite to 1.99% per transaction in Free. For added security, Bunq Crypto includes an optional feature called "Safety Shield," which holds withdrawal amounts for 24 hours to prevent impulsive sales or fraudulent transactions.
Bunq remains a fully licensed bank with deposit protection of up to 100,000 euros per customer. The company is also working on regulatory approvals for the British and US markets, including a broker-dealer license in the United States.
According to an internal survey, 65% of Europeans desire a platform that combines banking, saving, and crypto investments. Bunq aims to make crypto investments as simple as possible for its users, setting an example with a user-friendly solution that addresses the needs of both beginners and experienced investors.
With a successful launch in Germany, Bunq plans a Europe-wide rollout within the European Economic Area by the end of 2025. This move is expected to make crypto investments more accessible and secure for millions of Europeans, further solidifying Bunq's position as a leading neobank in the continent.
[1] MiCA Regulation: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12522-Markets-in-Crypto-Assets-Regulation [2] Bunq Press Release: https://www.bunq.com/en/press/bunq-crypto-now-available-in-germany
- Bunq's partnership with Kraken has enabled them to offer a secure crypto trading platform, Bunq Crypto, which adheres to the EU's MiCA regulation, ensuring commercial and financial safety for its users who are investing in cryptocurrencies.
- In an effort to meet the growing demand for integrated financial and cryptocurrency services, Bunq, Europe's second-largest neobank, has implemented technology based on Kraken Embed, a solution that leverages Kraken's technology for compliant crypto transactions, thus combining the convenience of business banking with the potential of the crypto market.
