May 24, 2022

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

Brazil's largest digital bank, Nubank, intends to invest 1% of its portfolio in bitcoin and will begin to introduce features that will 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 that cryptocurrenciesare a growing trend in Latin America. We closely monitor the market and believe that [cryptocurrency] has a transformational potential in this region,” said David Veles, CEO and founder of Nubank.

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 move not only for Nubank, but also for the faster adoption of cryptocurrencies in the region,” added Paxos co-founder and CEO Charles Cacarilla.