Nubank’s CEO and co-founder David Vélez confirmed the milestone noting they expected to hit the target in a year considering the ongoing crypto winter, NeoFeed reported on August 1. The crypto service dubbed Nucripto was launched in May this year to 46.5 million Nubank users. Through the platform, customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) via a crypto trading and custody service provided by Paxos’ infrastructure. There are also plans to add more assets in the coming days.
Growing belief in cryptocurrencies
At the launch, Nubank, backed by billionaire Warren Buffet announced a plan to allocate about 1% of the cash on its balance sheet to Bitcoin. The decision was to highlight the bank’s support and belief in cryptocurrencies. Notably, Nubank partly attributes the growth to the company’s goal of educating users on the risks associated with cryptocurrencies through the provision of educational materials to eliminate existing barriers. Nubank’s crypto service growth aligns with the increased uptake of digital assets among Brazilian citizens exhibited by other service providers in the country. For instance, Mexico-based crypto exchange Bitso revealed that it had reached 1 million users in Brazil. In recent years, the company has attracted significant investments like the $400 million recorded in 2021 to emerge among Latin America’s five most valuable financial institutions. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
