Nubank starts making bitcoin and ethereum transactions available this month through its app. The offer of the service will be gradual in Brazil and will reach the entire base of 53 million customers in June. It will be possible to make transactions with cryptocurrencies from R$ 1. In this project, the fintech partnered with Paxos, which provides blockchain infrastructure for cryptos, including for Mercado Livre, to act as a broker and custodian. In addition, the fintech announced that it will allocate about 1% in bitcoins through the cash of Nu Holdings, a company that controls the Nubank Group.
According to the company, there will be a curation work to add other cryptocurrencies to Nubank Cripto. “There is no doubt that cryptocurrencies are a growing trend in Latin America. We have been following the market closely and we believe that there is transformational potential in the region”, according to David Velez, CEO and founder of Nubank.
For him, the experience of trading cryptocurrencies “is very niche”. This is because customers have little information on the subject, which causes fears, or because they find entry systems complex. Fintech posted a series of information on the subject on its blog.
Nubank have offered ETFs of cryptocurrencies
The digital bank says that the experience of trading cryptocurrencies will be simple and intuitive. Crypto platforms coming to Brazil have made similar promises. There is a consensus in the market that it lacks information for potential investors and users, as well as experiences for the most friendly customers.
According to a study by Binance and TripleA, Brazil is the fifth largest market for people with cryptos. It’s 10 million. And according to Chainalysis, Brazil has 25% of the more than US$500 billion in transactions in the region. And Latin America is now the fastest growing in crypto adoption. One of the reasons is the loss of value of official currencies.
*The translation of this article is provided by EmergingCrypto.io, a partner of Blocknews.