German neobank N26 has launched its cryptocurrency product in Austria to enable customers to buy and sell 194 cryptocurrencies in their app.

The N26 Crypto feature will be made available progressively to eligible customers in Austria over the coming weeks, as well as in other key markets over the next six months.

The launch addresses strong local demand, where internal research showed that 40% of N26 users are either actively trading, or have expressed interest in investing in cryptocurrencies.

N26 Crypto is offered in partnership with Austrian cryptocurrency platform Bitpanda, which manages the execution of trades and custody of coins.

N26 Metal customers will be able to make transactions with a 1% transaction fee applied for trading Bitcoin and 2% for all other available cryptocurrencies.

All other N26 customers will be able to trade Bitcoin with a 1.5% transaction fee, and a 2.5% fee for other cryptocurrencies — the same rates offered on Bitpanda’s platform.

“While cryptocurrencies have seen a decline in value over the last year, they remain a requested and interesting asset class for investors and a growing part of the financial system. With N26 Crypto, we are offering a simple way to trade and invest, with a great user experience and low and transparent fees,”

said Valentin Stalf, Co-Founder and Co-CEO at N26.

“With N26 Crypto we have created a simple, intuitive product that integrates seamlessly into N26’s fully-regulated banking experience where one’s bank balance, savings, and investment portfolio sit side by side — with cryptocurrencies being the first asset class we intend to offer,”

said Gilles BianRosa, Chief Product Officer at N26.