On May 11, the biggest fintech bank in Brazil Nubank partnered up with a blockchain platform Paxos and introduced new possibilities for the customers.
From now on, the clients of Nubank will be able to purchase and sell such cryptocurrencies as Bitcoin and Ether.
The Nubank CEO David-Vélez stated:
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“There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region. Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences.”
Paxos Executive Michael Coscetta implied that over 50M Nubank’s users will have the ability to do exchanges in Ethereum and Bitcoin. With the introduction of such cryptocurrencies, Coscetta added that:
“You’ll see a lot more desire to participate [in crypto] not just in Brazil, but across Latin America.”
Moreover, the customers of this digital banking platform could have used Nubank’s investment unit to put their money in cryptocurrency up to this point. Now, clients will have more freedom as the company introduced BTC and ETH. Nubank provides an opportunity to do exchanges in crypto with Brazilian reals. The platform additionally reassured their clients that the company will launch different crypto payment methods later on.
Also, to demonstrate that crypto is the future, Nu Holdings, a technology company that provides similar digital banking solutions as Nubank, invested around 1% of its income on the balance sheet to BTC.
Paxos Trust Company, a regulated blockchain platform, added:
“The product will gradually be made available to Nubank users in Brazil on Thursday.”
Nubank is one of the biggest digital banking systems by market value in the world. The company provides technology and business solutions in order to build low-cost and high-quality experiences for individuals. In 2021, Nubank has made almost $2 billion and has 54 million customers all around the globe, including Colombia, Brazil, and Mexico.