Bunq, Europe's second-largest neobank, has officially entered the crypto space

Bunq has integrated its crypto trading feature into the banking application that users can access through their accounts.

Europe's second-largest neobank, Bunq, has officially entered the crypto space with a partnership with U.S.-based exchange Kraken. Through this partnership, Bunq integrated its crypto trading feature into the banking application that users can access through their accounts.

The bank's initiative to integrate crypto trading into its platform began in Italy, Spain, Ireland, France, Belgium, and the Netherlands. The bank aims to extend its service to reach customers in the United States, encompassing all European Economic Area nations and the United Kingdom.

Crucially, Bunq Crypto, which is Bunq's new addition, allows its clients to trade from a selection of more than 300 cryptocurrencies. The service supports trading Bitcoin, Ethereum, and Solana, among other popular cryptocurrencies. Opening an account at this banking service and beginning trading takes only several seconds because the process is fast and easy.

This step responds to the growing customer need for the service. Research by Bunq reveals that 65% of Europeans desire banking services that combine crypto investment and savings capabilities within a single application. Bunq took a step toward becoming the ultimate financial solution with its stock trading addition last year.

"We've wanted to add crypto for a long time, but we couldn't because of the regulators, who delayed its implementation," said Bunq CEO Ali Niknam.

According to Bunq executives, the time was right due to recent European regulatory changes allowing for more flexibility. Bunq is the first bank to provide customers with crypto functionality, stepping into this market early.

CEO Niknam also expressed his company's enthusiasm for U.S. expansion, which he sees as favorable for cryptocurrency adoption. The neobank recently applied for a broker-dealer license, marking its initial move to provide complete banking solutions throughout the country.

"We'll be bringing additional features very soon," Niknam hinted, demonstrating his optimistic expectations for upcoming Bunq updates. This suggests that the bank is actively working on introducing more financial products and services to expand its offerings.

Addressing growing concerns about crypto-related scams, Niknam assured Bunq users about the banking platform's robust security protocols.

Artificial intelligence operates under strict regulatory guidelines to identify unusual transactions at Bunq, as it's a regulated bank. Each cryptocurrency wallet is completely isolated for safety and delivers the simplicity of trading, according to its statements.

Bunq achieved a 65% profit growth according to its financial report, which resulted in €85.3 million. The substantial growth allows the bank to conduct investments toward pioneering services, particularly in crypto trading.

At the same time, other fintech companies besides Bunq are currently exploring the development of their crypto-based businesses. Revolut declares crypto trading as one of its primary revenue drivers. A majority of banks do not exhibit the same level of excitement about crypto trading. The U.K.-based Starling Bank, along with others, has eliminated crypto transaction support. The United Kingdom division of Chase Bank decided to prohibit its consumers from purchasing cryptocurrencies because of perceived fraud risks.

Through its partnership with Kraken, Bunq is taking a significant stride toward integrating digital currency usage with conventional banking practices. The integration showcases a broader movement to connect crypto with traditional financial systems while providing users with better control measures. The expanding platform has the potential to redefine how European and American users engage with both traditional bank money and digital currencies.