With the pace at which the real-world utilization projects of DeFi are emerging, the interest of retail investors in the crypto world is increasing. The number of cryptocurrency users and investors has increased manifold in the recent past. Given this new trend, TradiFi service provider companies are also constantly working to include DeFi services in their portfolios. A new chapter has been added to the ongoing innovation to bring TradiFi and DeFi together.
Europe’s second-largest Neobank, Bun,q and cryptocurrency exchange Kraken have jointly announced the launch of a crypto trading service on the Bunq Platform. Currently, this service will be available to Bunq users in the Netherlands, France, Spain, Ireland, Ital,y and Belgium. In the future, Bunq plans to expand this service to the entire European Economic Area, UK andthe USA. If you want to understand in easy language how to do Cryptocurrency Trading, then click on this link.
Banking and crypto investment on one platform
Bunq says that users want a platform where banking, savings, and investment services are available in one place. Keeping this demand in mind, the company had earlier added stock trading to the platform. Now, Bunq is also making crypto trading available on its platform.
Through this integration, Bunq will give its more than 12 million users access to more than 290 cryptocurrencies. This includes popular coins like Bitcoin, Ethereum, and Solana, and for this, Bunq will use Kraken’s technical infrastructure. Kraken is constantly working to bring DeFi and TradiFi together. Kraken had earlier launched a Crypto Debit Card in collaboration with Mastercard.
Alignment with MiCA Regulation
Cryptocurrency-related activities are increasing in Europe after the introduction of Europe’s new crypto regulation policy, MiCA (Markets in Crypto-Assets). Under this law, similar regulations apply to cryptocurrencies across the EU, making it easier for companies to provide crypto services. But it is a big challenge for Bunq to start service in the UK and USA markets, because the regulatory guidelines there are still very strict.
New benchmark for traditional financial service providers
This partnership between Bunq and Kraken sets a new benchmark in fintech innovation. This will not only benefit the users but will also increase the pressure on traditional banks to move towards crypto integration. Now it will be interesting to see how Bunq takes its products further in the coming times while balancing regulatory challenges and user demand.
Bunq is known for its innovative solutions in the traditional financial world. Now, by bringing together DeFi and TradiFi, it has shown a new path to conventional banking companies. This shows its futuristic approach given the growing footprint of cryptocurrencies. This step is an indication that future banking will not be limited to just savings or loans. In the coming times, getting crypto, stocks, and traditional banking services will become common in one app. This initiative of Bunq can be called the beginning of a new era of digital finance.