N26, a mobile banking platform, has announced plans to launch a cryptocurrency trading platform this year and an equities brokerage business later on.
The company’s co-founder, Max Tayenthal, says that its fast geographical expansion hindered it from focusing on cryptocurrencies or tapping into retail equities trading.
Tayenthal admits that it could have been a smart idea to develop a trading and cryptocurrency business instead of launching in the US.
The firm is shutting down its US operations after closing business in the UK at the start of 2020.
The German financial regulator, BaFin, has also restricted N26 from accepting more than 50,000 new clients per month, citing inadequate anti-money laundering measures.
The regulator further appointed two agents to track the company’s steps in putting in place proper structures before lifting the directive.
Tayenthal adds that N26 would be set to go public by the close of the year but mountains that it is only one of the options.
N26 is a mobile banking platform offering 7 million current accounts across 24 countries globally.
Its closest competitor, Revolut, is still three times bigger despite the firm’s €7.8 billion valuation after raising €780 million last year.