Nubank, backed by Warren Buffett, has launched the crypto business, one of the largest digital banking platforms in the world. S.According to the bank, 54 million customers can “buy, hold and sell everything from one application without having to open new accounts or transfer money” in bitcoin and ether.
Nubank now offers in-app crypto trading
Nubank announced on Wednesday that it has entered the cryptocurrency market, one of the largest digital banking platforms in the world. The bank serves approximately 54 million customers throughout Brazil, Mexico and Colombia.
The company has today launched a unique in-app crypto trading experience in Brazil, initially offering bitcoin and ethereum trading starting at BRL $ 1.00 (~ US $ 0.20).
The new service is aimed at enabling customers to buy, own and sell cryptophones. [Nubank] There is no need to open a new account or transfer money, ”the bank said.
Before this could begin, Nuban bank customers would be able to access the exchange rates, formerly known as Easynvest, through ETFs and Nuuin Invest.
The Bank has announced that the new Crypto Trading Service will be available to customers in Brazil by the end of July 2022 and will have a total customer base by the end of July 2022.
The statement added: “Nubank often offers cryptocurrencies to customers.
Nubank’s Partnership with Pax
Nubank Crypto Trading operates in partnership with Paxos and is a regulated blockchain infrastructure provider, security provider and broker, the statement said.
“Nubank’s move to enter the crypto market represents a strategic step not only for the company but also for accelerating cryptocurrency adoption in the region,” commented Charles Cascarla, founder and CEO of Paxos.
Nubank’s founder and CEO, David Velez, commented.
There is no doubt that Crypto is a growing trend in Latin America that we have been following closely and that we believe will make a difference in the environment.
Nu Holdings adds bitcoin to the balance sheet
In addition to launching cryptocurrency trading, Nubank’s parent company Nu Holdings has announced that ~ 1% of its account balance has been allocated to Bitcoin. The company said:
The transaction strengthens the company’s confidence in the current and future potential of Bitcoin in the region’s financial services landscape.
Warren Buffet Berkshire Hatway is a shareholder of Nu Holdings. According to the latest 13F file filed with the US Securities and Exchange Commission (SEC), Berkshire shares will hold more than $ 1 billion worth of shares from December 31, 2021. Berkshire Hathaway invested $ 500 million in Nu Holdings months before the company went public in June last year.
But Buffett recently stated that they will not invest in cryptocurrencies because they do not produce anything. Meanwhile, Berkshire Vice-Chairman Charlie Munger believes Crypto is “stupid and evil.”
What do you think about the fact that Nubank, which is backed by Warren Buffett, holds cryptocurrency in its account? Let us know in the comments section below.
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