Qonto is opening up to cryptos, here’s what customers can do

Remember when Tesla was buying 1.5 billion bitcoins in 2021? A year after this diversification of the automaker’s cash flow, which had exceeded 2 billion dollars thanks to the fluctuation, the research institute Gartner expects that a fifth of companies in the world use cryptocurrencies. here 2024.

Faced with this bet, the French neobank Qunto has entered into a partnership with Coinhouse, a French crypto exchange platform which has taken on the status of “cryptobank”.

Qonto and cryptos with Coinhouse

The establishment has expanded its offer to new services for companies, by offering to support them in carrying out operations like that of Tesla a year ago. Qonto, which has more than 250,000 professional customers, wants them to benefit from this.

On the program, neobank customers will be able to benefit from price advantages. The jurisdiction of buying crypto will remain with Coinhouse and will not integrate with the app, but in the future the business deal may lead to payment solutions.

Only Qonto’s French customers are affected by the partnership, initially. The benefits will be as follows: a free subscription to Coinhouse Pro for one year, 2.49% transaction fees (vs. 2.89%). Conversely, Coinhouse Pro customers will be able to benefit from a 29 euro discount on the Qonto subscription for three months.

The MicroStrategy case

Qonto joins Revolut, which offers its customers to exchange tokens and even keep them on a wallet. But the services of Coinhouse, on which the platform makes its profits, concern support services in particular for investing part of their cash in cryptocurrencies.

“We respond to a request”said the founder of Qonto, Alexandre Prot, in an interview with the newspaper The echoes. “We are not here to encourage companies to invest” he added.

Around $22,300 per bitcoin on Tuesday, down 25% over five days and 50% over two months, the flagship cryptocurrency has taken with it all of the digital assets whose market is plunging into a sizeable “bear market” (100 billion dollars vanished since Monday).

The announcement of Qonto and Coinhouse therefore has what it takes to happen at the worst of times. MicroStrategy is losing more than half of its cash investment ($3.9 billion) in Bitcoin and is the company with the most investment in the asset in the world.

In his situation, if Bitcoin fell below $21,000, MicroStrategy would certainly have to provide guarantees to Silvergate Bank, which lent him funds last April… to buy new bitcoins. Until then, the company put its funds in the crypto as collateral, which could prove insufficient if the price continues to fall.

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Qonto is opening up to cryptos, here’s what customers can do

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