Back to the list

The Growing Trend of Mobile Banking and Crypto

Whether you’re a crypto enthusiast or you take a more traditional approach to your finances, you’ve probably heard about the meteoric rise of online currency’s burst into the mainstream. If you’re new to the space, you might be wondering what all the fuss is about, especially if your own bank has started to introduce cryptocurrency functionality. In this article, we’ll be discussing the growing trend of mobile banking and crypto so that you can make the best decisions around how to spend and invest your money.

How Are Mobile Banks Becoming Crypto-Friendly?

Cryptocurrency, or ‘crypto,’ is a digital currency that is verified by a decentralised online asset system using cryptography as opposed to a traditional, centralised authority such as a bank or government. For many enthusiasts, crypto provides an easier way to buy goods or services in other countries with less regional limitations and to easily invest for the future. 

Banks recognise that crypto is growing in popularity. As a result, they have begun to offer new ways of trading and holding these currencies through mobile banking apps or wallets. Recently, the online bank N26 have launched a crypto trading function in their app. The aim for N26 and others is to make is as easy and accessible to regular banking customers as possible. They do this by optimising their apps to allow easy trading and monitoring of cryptocurrency. Along with this built-in integration, mobile banking apps allow for the quick and easy cashing in/out of exchanges with minimal hassle.

Is Mobile Banking with Crypto Safe?

Contrary to popular belief, buying and selling crypto through mobile banking apps is a safe way to start investing in online currencies. Mobile banks like Revolut take extensive measures to ensure the security of the cryptocurrency bought by users on their app, and often these measures go far beyond that of traditional banks who develop safety features based on in-branch exchanges. 

For example, the cryptocurrency you buy with N26 is secured in a cold offline storage which is managed by Bitpanda GmbH. Bitpanda then manages users’ private keys and safeguards them from scammers to ensure that their cryptocurrency remains safe. What’s more, the Financial Conduct Authority (FCA) monitors all trading platforms that operate in the UK to ensure that they adhere to strict anti-money laundering regulations.

What Are the Benefits of Using Crypto with a Mobile Bank?

With more and more online banks offering opportunities in the crypto space, it’s easier than ever to make the switch. But what are the biggest benefits? 

  • Speed 

Mobile banks are paving the way when it comes to the speed at which users can complete transactions. For crypto trading, buying at the right time is vital, so having a mobile app that can immediately complete your request, without time-consuming verification checks, can be the difference between making a gain and a loss. 

  • Functionality 

On top of cryptocurrency trading, mobile banks also offer a number of additional functionalities that can make life easier, such as 24/7 access, all in one apps and increased security. 

  • Flexibility

On top of the regular uses for cryptocurrency like investing and saving, the use of crypto in other daily transactions is growing in popularity. For example, the option to use cryptocurrency to book flights, buy video games or even play in online casinos is becoming more common. Mobile banks that offer crypto trading allow users the flexibility to safely and securely to take advantage of these options.

Cryptocurrency is more than a growing trend – these decentralised currency options are here to stay. Although they can be seen as volatile, the increasing number of mobile banks and wallet platforms who are introducing safe and secure trading spaces are encouraging more and more people to join the crypto revolution. By switching to a mobile bank that offers crypto exchanges, you can make efficient and smart investment decisions – just remember to take the time to research all of your investments first.

Photo source: https://pixabay.com/photos/btc-bitcoin-cryptocurrency-crypto-5019625/

Back to the list