Nubank, Brazil's largest digital bank by market value, is adding the ability for customers to buy and sell Bitcoin (BTC) and Ether (ETH) on its platform, the company announced on Wednesday. Nu Holdings, the parent company of Nubank, also said it is setting aside approximately 1% of the cash on its balance sheet for Bitcoin, to demonstrate its faith in the cryptocurrency.
CoinDesk announced that cryptocurrency trading and custody services will be provided by the Paxos blockchain infrastructure. According to Paxos, users will be able to buy and sell crypto with Brazilian reals, but initially won't be able to withdraw or deposit crypto. The product will be gradually rolled out to Nubank users in Brazil starting on Thursday. By the end of July, it will be available to all customers. Regarding available cryptocurrencies in the future, the company added that it “will do frequent curation to add more.” Until now, Nubank has only allowed users to invest in cryptocurrencies through exchange-traded funds available through its investment arm NuInvest.
“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,” Nubank CEO and co-founder David Vélez said in a statement.
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About the Author
Eva Fox
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.
