By
Tolu Ajiboye
June 15th, 2023
Last month, Nubank expanded its services, offering the option to buy crypto to all of its customers. It started the crypto service with the largest cryptocurrencies by market valuation, Bitcoin and Ethereum.
Nubank, Brazilian largest digital bank in terms of market value, has announced it reached as many as 1 million crypto users just within one month after its launch. Such growth takes place 11 months ahead of the scheduled expansion strategy and proves Brazil’s role as a global leader in crypto adoption.
Thomaz Fortes, who is in charge of Nubank’s crypto area, commented:
“Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant due to the fact that it is a market with complex systems that make it difficult for people interested in taking their first steps to join.”
Interest of Nubank in Crypto
Founded in 2013, Nubank is the leading financial technology company in Latin America and one of the world’s largest financial services platforms. With headquarters in Sao Paulo, Brazil, Nubank is serving around 54 million customers across Brazil, Mexico, and Colombia.
This year, Nubank has been showing interest in digital assets. In May, the bank announced that it had allocated about 1% of the cash on its balance sheet to Bitcoin (BTC) to show its belief in cryptocurrencies and “strengthen the company’s conviction in the current and future potential of bitcoin in disrupting financial services.”
Last month, Nubank expanded its services, offering the option to buy crypto to all of its customers. It started the crypto service with the largest cryptocurrencies by market valuation, Bitcoin and Ethereum (ETH). Adding the crypto trading feature, Nubank was planning to develop its crypto unit steadily. The milestone of 1 million was expected to be reached in one year after the launch of crypto services. However, it happened much earlier.
According to Nubank CEO David Vélez, Nubank is also targeting the tokenization market.
Brazil Is the Global Leader in Crypto Adoption
Notably, Brazil ranks high in many areas of digital adoption, including mobile phone usage, apps download, time spent on the internet and cryptocurrency, to mention a few. According to research published earlier by crypto exchange Gemini, 41% of respondents in Brazil own crypto. The country’s approach to blockchain and digital currency has moved beyond simply regulating cryptocurrencies. In May, we reported that the country was leveraging the blockchain network to help in its fight against embezzlement and all forms of corruption.
In addition, earlier this year, Brazil finalized its guideline on crypto regulation. According to the bill, crypto legislation would be the responsibility of the executive branch of the government. Moreover, the executive branch would have the option of creating a new regulator for cryptocurrencies or delegating jurisdiction to the Securities and Exchange Commission (CVM) or the Brazilian Central Bank (BC).