Dutch Neobank Bunq Expands Into Crypto Trading

Bunq is launching the service, called Bunq Crypto, in the Netherlands, France, Spain, Ireland, Italy, and Belgium. It also plans to roll out the service to the rest of the European Economic Area (EEA), as well as the US and UK, where it has applied for operating licenses.

Bunq has 17 million users in Europe. To offer crypto trading, it has partnered with Kraken, a major cryptocurrency exchange. Through Bunq, users will be able to trade over 300 cryptocurrencies, including Bitcoin, Ethereum, and Solana. Opening an account will only take a few seconds, the company says.

Last year, Bunq also started offering stock trading. The company says these new features are based on what customers want. Their research shows that 65% of Europeans would like to manage their banking, savings, and crypto investments all in one place.

When asked why the company made the move now, Bunq founder and CEO Ali Niknam said they actually wanted to do it earlier.

He said: “As a regulated bank we can’t always innovate as quickly as we would like to. The regulatory landscape has changed and is now more susceptible to this kind of innovation; as always Bunq dived in and now we’re the first bank to deliver crypto!”

Asked if the move was designed to boost Bunq’s appeal in the US, which is more crypto-friendly under Trump, as it looks to get a US banking licence through initially a broker-dealer registration, Niknam said: “We're incredibly excited about the US! We can't wait to share more and will as soon as we can."

On concerns about crypto scams and financial crime, Niknam said: “These concerns are precisely what we’re addressing. As a bank, we have extensive experience detecting scams and use advanced technology like AI to keep our users safe. By bringing crypto onto our platform, we’ll be even more effective at spotting suspicious activity.

"Every wallet will be fully ring-fenced; giving users a simple and safe way to start investing in crypto.”

In its latest accounts, Bunq reported a 65 per cent increase in profits to €85.3 million.

Another challenger bank Revolut, meanwhile, recently flagged crypto trading activity as key to driving up revenues.

But some banks have banned customers from carrying out crypto transactions, amid concerns about scams.

In the UK, Starling Bank no longer supports crypto transactions while Chase UK, JP Morgan’s UK challenger bank, has blocked UK customers from purchasing crypto assets.

About Bunq

Bunq is a European online bank that started in 2012. It offers a mobile-first banking experience, meaning everything is done through its app. Bunq focuses on making banking easy and modern. It offers accounts for both personal and business use. The bank is known for being transparent, using a subscription-based model, and having no physical branches.