Bunq Launches In-App Crypto Trading Powered By Kraken

Dutch digital financial institution Bunq has launched a crypto buying and selling characteristic for customers in six nations, permitting direct entry to digital property by way of its cell app.

The rollout is powered by crypto change Kraken and went dwell on Tuesday within the Netherlands, France, Spain, Eire, Italy, and Belgium.

Branded as “bunq Crypto,” the characteristic is absolutely compliant with the EU’s Markets in Crypto-Property (MiCA) rules and operates below a Digital Asset Service Supplier (VASP) license. The financial institution plans to develop the service throughout the European Financial Space, and in addition filed for licenses to enter the U.Okay. and U.S. markets.

The corporate mentioned the transfer was in response to demand from customers in search of a “easy and safe means” to spend money on crypto alongside conventional banking instruments. Bunq cited inside analysis displaying 65% of European customers desire a single platform for managing cash, financial savings, and crypto investments.

By means of Kraken’s backend infrastructure, Bunq customers can commerce over 300 cryptocurrencies, together with Bitcoin, Ethereum, and Solana, instantly inside the banking app. Accounts may be arrange in seconds, based on the agency.

“Our customers have been asking for a approach to spend money on crypto that’s simple and safe,” mentioned Bunq founder and CEO Ali Niknam. “Now they will do all of it inside one platform.”

The launch is a part of a broader product replace, which additionally consists of 1% cashback for enterprise customers on each private {and professional} purchases.

Based in 2012, Bunq has grown to over 17 million customers and holds greater than €8 billion ($9.1 billion) in deposits. In early April, the neobank reported an 85.3-million-euro ($97.2 million) revenue for the most recent fiscal yr — a 65% enhance year-over-year. The rise was fueled by a 55% acquire in web curiosity earnings and a 35% enhance in web charges, pushed by each larger deposit yields and broader platform utilization.

Bunq, which holds a banking license within the European Union and utilized for an Digital Cash Establishment (EMI) license within the U.Okay., beforehand exited the British market because of post-Brexit regulatory problems. It additionally filed for a U.S. broker-dealer license because it prepares to enter the American monetary companies house.

In the meantime, Kraken can also be increasing its choices, having lately began a phased rollout of U.S. inventory and ETF buying and selling for American customers, with plans to increase the service to European and UK clients.