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Brazil-Based Fintech Bank Nubank Reaches 1 Million Users Despite Market Slump

Brazil-Based Fintech Bank Nubank Reaches 1 Million Users Despite Market Slump

It seems like players in the crypto world are not fazed by the current crypto bear market whatsoever, as the company's initiative reached a massive number of users in such a short period of time.

Nubank, a Brazil-based financial technology bank founded back in 2013, has recently announced that it scored 1 million users on its trading platform that allows users to purchase and sell Bitcoin (BTC) and Ethereum (ETH).

According to the official announcement, the firm reached such a significant number of users only a month after it launched the crypto-based initiative. It seems as though the largest bank in Brazil exceeded its expectations as it anticipated reaching 1 million users within a year, as stated by some sources.

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The news arrives a few months after Nubank announced that it would be allowing its customers to buy and sell cryptocurrencies, as it also allocated roughly 1% of its income on the balance sheet to Bitcoin (BTC).

Thomaz Fortes, Nubank's crypto area leader, recently mentioned that the company has been working hard on driving crypto adoption and encouraging people to take their first steps into such an innovative world.

In fact, Nubank isn’t the only banking company to explore the crypto ecosystem, as earlier this year, the digital wallet PicPay stated that it would be rolling out a crypto exchange and its own native stablecoin BRC.

On another note, earlier this week, David Velez, CEO of Nubank, stated that Nubank is also planning to enter the tokenization market in the upcoming future.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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