Nubank invests 1% of portfolio in bitcoin and introduces operations with BTC and ETH

The largest digital bank in Brazil, Nubank, intends to invest 1% of its portfolio in bitcoins and will begin to implement functions thatwill allow app users to buy, sell and store BTC and Ethereum (ETH).

Nubank said the decision to invest in BTC was made to “strengthen the company’s confidence in the current and future potential of bitcoin and disrupt the financial services sector.”

The firm's blog states that its clients can start trading BTC and ETH with at least 1 Brazilian rial (about $0.19) on their account.

While this feature is being implemented at the beta stage, a small number of clients participate in testing. Other altcoins will be added later.

Geobank justified its decision with the data of the Commissionaccording to securities that the number of people investing in crypto assets in Brazil increased by 938% in 2021. This figure is significantly higher than the world average.

«There is no doubt thatCryptocurrencies are a growing trend in Latin America. “We are closely monitoring the market and believe that [cryptocurrency] has transformational potential in this region,” said Nubank CEO and founder David Belec.

The new feature, called Nubank Crupto, is being implemented through collaboration with the Paxos team, which will provide solutions for brokerage services and storage of cryptocurrencies.

“This is a strategic step not only for Nubank, but also for a faster introduction of cryptocurrency in the region,” added Paxos co-founder and CEO Charles Cascarilla.

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