Ordem e progresso! – Nubankthe largest digital bank in Brazil, offers its customers the ability to buy and sell bitcoins (BTC) and Ether (ETH) on its platform. Nu Holdings, the parent company of Nubank, also said that it allocates around 1% of its balance sheet liquidity to bitcoin. A more than concrete way to show your enthusiasm and hopes for cryptocurrency. Also, the blockchain infrastructure of Paxos provides its turnkey crypto trading service to the neobank.
Cryptocurrency trading for the neobank Nubank
Nubank users in Brazil can now take advantage of the bitcoin and ether trading offer. However, all of its customers will only have access by the end of July. Regarding upcoming cryptocurrencies, the company added that it “will make frequent selections in order to add more”.
Until now, Nubank only allowed users to invest in crypto through exchange-traded funds available through its investment unit, NuInvest. According to Paxos, users can now buy and sell crypto with brazilian reals. On the other hand, they will not be able to withdraw or deposit crypto, at least in the beginning.
“There is no doubt that crypto is a growing trend in Latin America. We are following this trend closely. We believe it will have a transformational impact on the region. Yet, trading experience is still a niche. Customers lack information to feel confident about entering this new market or are simply frustrated with complex experiences. »
David Vélez, CEO and co-founder of Nubank
Brazil is experiencing unprecedented growth in crypto adoption. According to Receipt Federal, the Brazilian tax authority, crypto transactions tripled. Indeed, between January and November 2021, the inhabitants exchanged $11.4 billion worth of stablecoins. This is triple the amount traded the previous year.
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Crypto companies dance the samba in Brazil
Nubank has 53.9 million users in Brazil, Mexico and Colombia, according to its 2021 annual report. Last year, the neobank said $1.7 billion in revenue. In December, Nu Holdings went public with an initial valuation of $41.5 billion.
This makes it a very valuable company for Brazil although its market capitalization has since fallen. Indeed, today it is close to 17.4 billion dollars. In February, Berkshire Hathaway owned about $1 billion worth of stock in the company. The CEO warren buffett was then notoriously critical of Bitcoin and cryptocurrencies in general.
In December, Paxos has partnered with Mercado Pago, Mercado Libre’s digital wallet. It is the largest e-commerce company in Latin America by market value. Because of this, the company can allow its users in Brazil to buy and sell Bitcoin, but also Ether and the stablecoin Pax Dollar (USDP).
Brazil is in the process of regulating cryptocurrencies. Obviously well inspired, the country could attract new businesses and new investors. Nubank’s offer is a perfect example of this and could give ideas to other banks in this Latin American country. The crypto carnival is just beginning and Brazil could therefore very soon be an Eldorado for Bitcoin and other cryptocurrencies.
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