Bunq, Europe’s Second-Largest Neobank, Ventures into Cryptocurrency
Europe’s second-largest neobank, Bunq, is making a bold move into the world of cryptocurrency. Responding to the growing demand from retail investors for digital assets, the Amsterdam-based neobank has announced the launch of Bunq Crypto. This new offering allows users to invest in over 300 cryptocurrencies, including popular options like Bitcoin (BTC), Ether (ETH), and Solana (SOL).
Starting from April 29, Bunq users in the Netherlands, France, Spain, Ireland, Italy, and Belgium will have direct access to cryptocurrencies through the Bunq app. This exciting development is made possible through a partnership with Kraken, the 14th-largest centralized cryptocurrency exchange globally by trading volume.
But this is just the beginning for Bunq’s crypto expansion. The neobank has plans to gradually roll out trading across the entire European Economic Area, as well as in the United States and the United Kingdom. With over 12.5 million users as of June 2024, Bunq is well-positioned to make a significant impact in the crypto space.
Bunq’s move into cryptocurrency reflects a broader trend among financial institutions. Many are seeking to consolidate services like banking, savings, and investing into single digital platforms. Coinbase CEO Brian Armstrong has even predicted that future financial systems will revolve around a “single primary financial account” where users can manage all their financial activities.
Research commissioned by Bunq has revealed a strong demand for simplified crypto access in Europe. The study found that 65% of European consumers are looking for a unified platform to manage banking, savings, and cryptocurrency investments. However, over 50% of surveyed investors feel that existing platforms don’t meet their requirements, particularly in terms of simplicity and security for new investors.
Ali Niknam, the founder and CEO of Bunq, expressed excitement about the new offering, stating, “Our users across the world have long waited for a simple, safe, and straightforward way to invest in digital assets. Now, everything they will ever need to save, spend, and invest — including crypto — is on one platform.”
Bunq’s foray into cryptocurrency follows in the footsteps of Revolut, which expanded its crypto exchange services across 30 European Economic Area markets in November 2024. As more traditional financial institutions embrace the crypto revolution, it’s clear that digital assets are becoming increasingly mainstream.
In conclusion, Bunq’s entry into the cryptocurrency market is a significant development that caters to the growing demand for digital assets among retail investors. With its user-friendly platform and extensive range of cryptocurrencies, Bunq is poised to make a splash in the crypto world. As the financial landscape continues to evolve, it’s exciting to see traditional institutions embracing the opportunities presented by cryptocurrencies.
