Bunq, Europe’s second-largest neobank, has launched Bunq Crypto allowing users in select European countries to invest in over 300 cryptocurrencies, powered by Kraken. This expansion is seen as a response to increasing demand for simplified access to digital assets, with plans for further growth across Europe, the US, and the UK.
Europe’s second-largest neobank, Bunq, has made a bold move into the realm of cryptocurrency, responding to what seems to be a growing appetite from retail investors for digital assets globally. Announced on April 29, the neobank’s new service, Bunq Crypto, allows users to invest in a whopping 300 cryptocurrencies, including popular ones like Bitcoin (BTC), Ether (ETH), and Solana (SOL).
Starting on the same day, users based in the Netherlands, France, Spain, Ireland, Italy and Belgium will be able to trade cryptocurrencies directly through the Bunq app. This shift is powered through a partnership with Kraken, which is notably the 14th largest cryptocurrency exchange in the world by trading volume, adding a layer of credibility to the newly launched service.
This launch is just the first step in Bunq’s wider plan for global crypto growth, with ambitions to gradually extend its trading functionalities across the entire European Economic Area. They also have eyes on expansion into the United States and the United Kingdom. An impressive growth statistic: as of June 2024, Bunq reported its user base has ballooned to 12.5 million, up from nine million the previous year.
Bunq’s foray into crypto reflects a larger trend in banking towards creating a so-called all-in-one financial platform. More and more financial institutions are trying to consolidate various services—from banking and savings to investments—into single digital offerings. Back in February, Coinbase’s CEO, Brian Armstrong, hinted at this trend, predicting that future financial systems will revolve around “a single primary financial account.”
Moreover, Bunq’s research points to a significant mismatch between what European consumers want and what’s available in terms of crypto services. Their study found that about 65% of European consumers yearn for a unified platform that encompasses banking, savings and cryptocurrency investments. Meanwhile, over half of the investors surveyed expressed a desire for crypto exposure but feel that current platforms don’t meet their needs, especially in terms of simplicity and security for those new to the crypto space.
Ali Niknam, the founder and CEO of Bunq, voiced his excitement over the initiative: “Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets. Now, everything they will ever need to save, spend and invest — including crypto — is on one platform.” This announcement comes on the heels of Revolut’s own expansion into crypto services in November 2024, where they launched trading across 30 European Economic Area markets, further indicating a shift in how consumers approach digital finance.
