Warren Buffet may treat bitcoin with all kinds of names, but he will not be able to escape this wave of technological innovations. Just last Wednesday, Nubank, the Brazilian digital bank it supports, announced the availability of the cryptocurrency trading option within its ecosystem. Strangely enough, bitcoin is one of the digital currencies integrating this offer.
Nubank steps up a gear
This new feature has already been announced in mid-May. It stipulated that Nubank would get into crypto trading, and would start with the 2 biggest cryptocurrencies: bitcoin (BTC) and ethereum (ETH).
Last Wednesday, the Brazilian bank Nubank put its plan into action. Now, its approximately 54 million individuals and 1 million businesses will be able to transact with cryptocurrencies.
As agreed, Nubank will allow the purchase of bitcoins and ethers from its customers. Why this choice, you say to yourself. The reason is that this Brazilian banking institution recognizes the importance of these two currencies. About 60% of the crypto market share goes to Bitcoin and Ethereum. Therefore, limiting its offer to these two cryptocurrencies for the moment will guarantee more security in the deployment of this new feature.
Of course, the addition of other cryptocurrencies is planned as the situation develops. Moreover, Nubank expects a generalized appropriation by its Brazilian customers of this innovation by the end of July. That is to say in a month.
” Nubank will review frequently to add more », points out Paxos.
Nu Holdings, owned by Buffet
Since last February, Berkshire Hathaway has acquired more than $1 billion in equity in Nu Holdings, the parent company of Nubank. However, you are not unaware that Berkshire Hathaway is none other than the property of Warren Buffet, the anti-bitcoin who treats this cryptocurrency of ” rat poison “.
But it is completely understandable that the American billionaire would change his mind. With the proliferation of cryptocurrencies in Latin America, the lack of repression of these assets in countries like Brazil, and the massive rush of Argentines towards them, it seems difficult for him to override this great opportunity.
Regarding Brazil, 15 days ago, a bill aimed at recognizing cryptocurrencies as a means of payment was presented. In addition, some companies are beginning to accept them in exchange for goods and services. And there are also local football clubs that don’t hesitate to make a Initial Public Offering (ICO) to launch their own token.
David Vélez, CEO and co-founder of Nubank, said he is keeping an eye on the growing trend of cryptocurrency adoption in the continent. In his eyes, this trend will develop the region despite the skepticism of some customers linked to the lack of information.
Otherwise, Nubank customers seduced by this offer will be really spoiled. Because to enjoy this advantage, they just need to use the Nubank application to carry out a transaction. In addition, they will not be asked to pay a lot of commissions since they are fixed at 0.02%.
Sources: Forbes India; U°Today
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The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it