Source: Cointelegraph
Original: “Europe's Second Largest Digital Bank Bunq Expands into Cryptocurrency”
Europe's second largest digital bank, Bunq, is expanding its cryptocurrency business, citing a growing demand for digital assets among retail investors worldwide.
The Amsterdam-based digital bank announced on April 29 the launch of Bunq Crypto, a new service that allows users to invest in over 300 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Starting from April 29, users in the Netherlands, France, Spain, Ireland, Italy, and Belgium will be able to access cryptocurrencies directly through the Bunq app.
The cryptocurrency service is provided in partnership with Kraken, the world's 14th largest centralized cryptocurrency exchange.
This marks the first phase of Bunq's global cryptocurrency expansion, with plans to gradually roll out trading services across the European Economic Area, the United States, and the United Kingdom.
As of June 2024, Bunq reported over 12.5 million users, an increase from 9 million users a year ago.
Bunq's initiative reflects a broader trend among financial institutions seeking to integrate banking, savings, and investment services into a single digital platform.
In a post from February, Coinbase CEO Brian Armstrong stated that he expects the future financial system to be based on "one main financial account" where users can manage all their financial activities.
Research commissioned by Bunq indicates a significant gap between existing cryptocurrency services in Europe and user expectations. According to the study, an estimated 65% of European consumers wish to have a unified platform to manage banking, savings, and cryptocurrency investments.
Over 50% of surveyed investors expressed a desire for investment opportunities in cryptocurrencies but stated that existing platforms fail to meet their needs, particularly in terms of convenience and security for new investors.
Bunq founder and CEO Ali Niknam stated, "Our global users have long been looking for a simple, safe, and direct way to invest in digital assets. Now, everything they need—including cryptocurrencies—can be done on one platform."
Bunq's cryptocurrency expansion follows closely behind Revolut's expansion of its cryptocurrency trading services to 30 markets in the European Economic Area in November 2024.
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