Brazil’s largest neobank to give 50 million customers access to cryptocurrencies

Nubank announced a partnership with Paxos. During May–July, customers of the Brazilian digital bank will be able to buy, sell and hold Bitcoin and Ethereum.

Brazilian fintech and banking app @Nubank now offers crypto capabilities powered by Paxos. Nubank is focused on building integrity in the banking system and making crypto available to an entirely new population. Learn more: https://t.co/J0l7lD425i

— Paxos (@PaxosGlobal) May 11, 2022

The minimum transaction amount will be 1 BRL (~$0.195).

The list of supported cryptocurrencies will be expanded in the future. Educational resources will be launched to bolster the rigor of investment decisions.

At the same time, the neobank’s parent company, Nu Holdings, will allocate 1% of net assets to purchasing Bitcoin as a reserve asset.

“Cryptocurrencies are becoming increasingly popular in Latin America, transforming the region. We have created a safe, simple and intuitive interface that will provide access to new assets,” said David Vélez, Chief Executive Officer and founder of Nubank.

In September 2020, Nubank acquired the investment platform Easynvest. In May 2021, the Central Bank of Brazil approved the merger, and on June 2 the parties closed the deal.

At the time of the acquisition, Easynvest managed about $5 billion in assets, and its clients numbered 1.6 million. Renamed NuInvest, the platform offers investments in digital assets through funds and ETF.

Before Nubank, Paxos provided infrastructure to access the cryptocurrency market for Interactive Brokers, Mercado Libre, Mastercard. According to the company, its efforts have given around 500 million people access to the new asset class.

In September 2021, Brazilian investment bank BTG Pactual announced the launch of a trading platform oriented toward digital assets. The organization’s partner is the Bitcoin exchange Gemini.

Earlier, the head of the Central Bank of Brazil, Roberto Campos Neto, spoke in favour of establishing a regulatory framework for the crypto industry.

The country became the second in the world to approve a Bitcoin ETF.

Follow ForkLog’s news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions