Netherlands-based neobank bunq has begun letting users invest in cryptocurrencies using a Kraken-powered service, the U.S. crypto exchange said in a press release on Tuesday.
The service rolled out to users in six European nations, including France, Ireland, Italy, and Spain, while enabling users to invest in over 300 digital assets, Kraken said.
In 2024, bunq had $8 billion in user deposits, according to an annual report. Its website promises that users can “hit the ground running” on banking and create an account in five minutes, with the ability to provide a tax ID at a later date. The company explicitly caters to digital nomads, who work virtually and travel globally.
Neobanks are 100% digital, serving customers without physical branches. Bunq became the second largest neobank in the European Union after acquiring the Belgian fintech Tricoun in 2022, per Fintech Futures. Bunq says it currently has 17 million users across Europe.
Bunq’s users could pad Kraken’s key stats, as the exchange reportedly eyes a public offering in the U.S. next year. The San Francisco-based exchange is currently “trusted” by 13 million people worldwide, according to Kraken’s website.
Last year, bunq introduced a service letting customers invest in stocks and other exchange-traded products. According to the neobank’s CEO, Ali Niknam, crypto dovetails with the firm’s ambitions of being a one-stop-shop for users’ money-related needs.
“Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets,” he said in a statement. “Now, everything they will ever need to save, spend and invest – including crypto – is on one platform.”
Kraken itself recently dove into the stock-trading scene. Earlier this month, the company said American users will eventually be able to trade over 11,000 stocks and ETFs commission-free.
The Securities and Exchange Commission officially dropped its lawsuit against Kraken last month, following similar dismissals in cases against Robinhood and Coinbase. At the time, Kraken called it the “wasteful, politically motivated campaign” against the crypto industry.
Edited by Stacy Elliott.