Kraken powers new crypto trading venture for Europe's second-largest neobank bunq

Bunq, the second-largest neobank in Europe after Revolut, is venturing into crypto trading, enabling users to invest in digital assets directly from the banking app — powered by crypto exchange giant Kraken.

The new feature went live on Tuesday in the Netherlands, France, Spain, Ireland, Italy and Belgium. The challenger bank plans to gradually expand the MiCA-ready and VASP-registered product — dubbed bunq Crypto — to the rest of the European Economic Area, as well as the U.S. and the UK, where it has also applied for licenses to operate.

In a statement shared with The Block, Bunq said the move was driven by user demand for a simple, transparent and trustworthy way to invest in crypto. Bunq's research claims that 65% of European citizens seek a single platform to manage their banking, savings and crypto investments, with over half of participants surveyed wanting to trade crypto but finding existing platforms don't meet beginner needs for simplicity and security.

Bunq's solution is designed to combine the security of a fully licensed bank with the expertise of one of the world's longest-standing crypto exchanges. Users can open an account in seconds and trade over 300 cryptocurrencies, including bitcoin, Ethereum and Solana, the firm said.

"Our users across the world have long waited for a simple, safe and straightforward way to invest in digital assets," bunq founder and CEO Ali Niknam said. "Now, everything they will ever need to save, spend and invest — including crypto — is on one platform."

Among several other features also rolled out during bunq's Update 28 event in Amsterdam, the platform's business users can now earn up to 1% cashback on both business and personal purchases.

Bunq's expansion plans

Founded in 2012, bunq has grown to a user base exceeding 17 million and over €8 billion ($9.1 billion) in user deposits. Beyond the new crypto trading feature, bunq offers a range of digital banking services, including current and savings accounts, debit cards and mortgages, primarily through its mobile app. 

Earlier this month, bunq reported net profits of €85.3 million ($97.2 million) in 2024 — up 65% from €51.6 million ($58.9 million) in 2023 — marking its second consecutive year of profitability. The company continues to expand its presence, hoping to secure a UK banking license after previously pulling out of the country in 2020 due to Brexit. Bunq also recently filed for a U.S. broker-dealer license, looking to fast-track its entry into the market.

Further blending traditional finance with crypto, Kraken also unveiled a phased rollout for U.S. stocks and ETF trading for its U.S. customers in April, sharing plans to later expand the new services to UK and European users.