Trade Republic launches a wallet to transfer and pay with cryptocurrencies
The digital neobank and investment platform Trade Republic announced this Friday the launch of its new ‘Crypto Wallet’ so that its clients can transfer, pay and stake cryptocurrencies.
The entity has specified in a statement that, with this new functionality, Users can send and receive about 50 cryptocurrencies, as well as ‘staking’ cryptocurrencies such as solana and ethereum to obtain rewards.
They can also pay with cryptocurrencies using the company card, getting a 2% return in crypto on certain purchases.
From Trade Republic they have stated that this launch marks the third new asset class in their catalog after the access to private markets and fixed income.
“With this expansion, Trade Republic is among the first European and Spanish banks fully regulated [bajo el reglamento MiCA] that offer complete ‘crypto’ functionality”, they have claimed.
The co-founder of Trade Republic, Christian Hecker, has stated that this asset “has been the subject of debate for years, but Today it is already an established part of the financial system“.
Along these lines, he has exemplified that there are pension funds that invest in bitcoin and ethereum and that Companies like Tesla keep part of their assets in cryptocurrencies.
A “highly volatile and speculative” product
However, the entity has recalled that crypto assets are “highly volatile and speculative”, while investing in them “involves significant risks, including the risk of complete loss of the invested capital”.
On a more technical level, it has been noted that all cryptocurrencies will be securely held in ‘cold wallets’ through BitGo Europe GmbH, while, on a broader level, the company has stressed that this launch “marks a decisive step” in its strategy to expand its wealth management platform.
For his part, the head of the Trade Republic branch in Spain and Portugal, Pablo López, has maintained that “Spain is experiencing an increasingly mature ‘crypto’ adoption.” “Investors are no longer just looking to speculate, but rather to integrate digital assets into their daily lives,” he said.
