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The biggest Brazilian bank to open crypto services on its platform

Updated: Aug 31, 2024
Published: May 12, 2022
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The largest digital bank in Brazil and Latin America, Nubank, has recently announced that it has executed its plans to allow its customers to buy, sell, and store crypto assets like Bitcoin and Ethereum, directly through the bank.

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Nubank to open crypto services this month

Nubank revealed that it has joined hands with financial institution and technology company Paxos to open crypto services on its platform. The banking giant will also allocate around 1% of its net assets to Bitcoin via the cashier of Nu Holdings-the parent company of the Nubank Group.

Notably, a customer can buy Bitcoin and Ethereum for as low as $0.20 (1 BRL), and the new crypto transaction services are expected to start gradually from May. According to the company, customers would not need to open new accounts to transact cryptocurrency; they can simply use their existing normal accounts. Furthermore, there is a chance that the bank will add more assets in the future.

Customers could previously access digital assets through the NuInvest platform – formerly known as Easynvest – in the form of ETFs and funds, which can now be done directly through the Nubank app.

Nubank also reaffirms its commitment to always be carbon neutral by appointing a specialized consultancy to assist with implementing new services into the existing process.

1% of net assets into Bitcoin

Nubank’s announcement to allocate 1% of its net assets into Bitcoin is a major step towards mass Bitcoin adoption. As per the announcement, the move “reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region.”

The crypto industry has noted the entry of several banking giants worldwide in the past few years. Recently, Goldman Sachs hinted at its plans to launch Over The Counter options training for Ethereum. Moreover, in February, Singaporean Banking firm DBS revealed its plans to expand its crypto trading services to retail investors.

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