Bunq, Europe’s Second Largest Digital Bank, Expands into Cryptocurrencies

Bunq, Europe’s second-largest digital bank, is expanding its cryptocurrency offering, citing growing demand for digital assets from retail investors around the world.

The Amsterdam-based digital bank announced on April 29 the launch of Bunq Crypto, a new service that allows users to invest in over 300 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

Starting April 29, Bunq’s users in the Netherlands, France, Spain, Ireland, Italy, and Belgium will be able to access cryptocurrencies directly through the Bunq app.

The crypto service is offered in partnership with Kraken, the world’s 14th-largest centralized cryptocurrency exchange.

Focus on integrated financial platform

This marks the first phase of Bunq’s global cryptocurrency expansion, with plans to gradually roll out trading services across the European Economic Area, the United States, and the United Kingdom.

As of June 2024, Bunq reported more than 12.5 million users, up from 9 million users a year ago.

Bunq’s move reflects a broader trend of financial institutions seeking to integrate banking, savings, and investment services onto a single digital platform.

In a February post, Coinbase CEO Brian Armstrong said he envisions a future financial system based on “one primary financial account” where users can manage all of their financial activities.

The Need for Simplified Crypto Access

Research commissioned by Bunq shows a significant gap between existing cryptocurrency services in Europe and user expectations. According to the study, an estimated 65% of European consumers want a unified platform to manage banking, savings, and cryptocurrency investments.

More than 50% of investors surveyed want access to cryptocurrency, but say existing platforms fall short of meeting their needs, particularly in terms of simplicity and security for new investors.

“Our users around the world have long expected a simple, secure, and straightforward way to invest in digital assets. Now, everything they need — including crypto — is available on one platform,” said Ali Niknam, founder and CEO of Bunq.

Bunq’s cryptocurrency expansion follows Revolut’s expansion of its cryptocurrency trading services across 30 EEA markets by November 2024.