When banks go crypto, it’s a crazy moment for the crypto world! Several banks have already adopted cryptocurrencies, and Young Platform is making this happen in a quite different way by lighting the way for crypto assets in neobank in Europe. This marks the upcoming launch of the first-ever crypto-native neobank operating under the MiCA license. Neobanks are digital-only app-based banks without any physical offices.
Young Platform’s trailblazing initiative
A fintech and crypto exchange established in 2018 in Italy will introduce what’s being described as Europe’s first crypto-inherent neobank. A digital payment framework combined with the flavor of crypto-based financial services — this is what Young Platform serves to European customers.
Neobanks see rapid growth
With digitalization becoming ubiquitous, the neobanking market value has exponentially burgeoned, reaching $143.29 billion in 2024. The market cap is expected to go to the moon, reaching $3.4 trillion by 2032. And, Europe covers 37.75% of the global neobanking sector. This could be a key lead for Young Platform to bring the debut crypto-native neobank in the region.
MiCA designs the way for the crypto-native neobank
Markets in Crypto Assets, or MiCA, is Europe’s comprehensive regulatory body for digital assets. This regulatory framework, effectively applied since 2024, is paving the way for crypto-native neobanks and all other digital asset initiatives. Even though Italy’s deadline for full adoption of MiCA stays till December 30, the Young Platform has already submitted two pre-filing dossiers (reports) with the Bank of Italy and Consob (Italy’s securities and exchange commission).
These banks have made headlines as crypto-native banks
The US-based Anchorage Digital, Wyoming-based Custodia Bank, Gibraltar-based Xapo Bank, Sygnum Bank, and Bank Frick are some of the prominent names in the crypto-native banking space. But here’s the thing — these banks are not neobanks, they are traditional banks at their core.
Key benefits of crypto-native neobanks
- Fiat and crypto integration – Users can manage both fiat (Euro) and cryptocurrencies.
- Removes the struggle of switching between bank accounts, wallets, and e-wallets.
- Simplifies onboarding new users
- Enhances regulatory compliance
- Better financial growth
Crypto-inherent neobanks have a lot to offer in terms of trusted financial services. Flexibility, innovation, and financial opportunities are key elements at the heart of these digital-only banks. Young Platform’s unique move reduces the gap between traditional banking and the fast-evolving digital banking sector. A fully crypto-native neobank aligned with Europe’s MiCA regulations has much to say, more than just technology: it promises security, crypto accessibility, and broader participation.
