Brazilian Megabank Nubank Launches BTC, ETH, SOL Withdrawals

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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April 24, 2024

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The Brazilian megabank Nubank is launching withdrawal services for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), in the latest bullish move from the neobank.

In an official notice on the Nubank community page, the bank said that it would allow customers to “send and receive [cryptoassets]” from their app-based wallets.

The bank first announced its plans to enable withdrawals in December last year, but says the service is now live.

Brazilian Megabank Bullish on BTC, Crypto

Nubank wrote:

“For now, it will be possible to send and receive Bitcoin, Ethereum, and Solana. However, we also plan to add support for more [cryptoassets] in the near future.”

The bank added that it was “gradually releasing this function” to “ensure a better experience” for its customers.

Nubank users greeted the news with enthusiasm, with one commenting that Nubank was starting to become a “crypto exchange” in its own right.

Others questioned why the bank had not yet rolled out send and receive functions for its own token, Nucoin.

The media outlet Criptonoticias reported that new coins would be added to the service “in the coming weeks.”

Nubank Expanding Wallet Services

The company is the biggest neobank in Latin America. It has some 80.4 million customers in Brazil, as well as large customer bases in Mexico, Colombia, and other LATAM nations.

Nubank’s operator Nu Holdings launched on the New York Stock Exchange in December 2021, when it achieved a $45 billion valuation.

The bank has previously offered its Brazilian customers access to buy and sell functions for Bitcoin and other coins via wallets on its app.

It has around 20 million crypto wallet-holding customers, and has been steadily adding altcoin support to the app since its first foray into the crypto world.

The bank began its crypto pivot in earnest in 2022, and has since unveiled intentions to buy BTC using its balance sheet.

Nu Holdings, the world’s biggest standalone digital bank, is investing $100 million in its Mexico subsidiary, bringing its total investment in Latin America’s second-largest economy to $1.4 billion https://t.co/Z6J6Y7mavR

— Bloomberg Economics (@economics) April 16, 2024

It has also launched the Nucoin token in conjunction with the Polygon network as part of a revamped loyalty program.

Last year, the Brazilian megabank announced it would start listing the Polygon (MATIC) and Uniswap (UNI) coins.

In December, the bank also announced a partnership deal with Circle, the US-based firm behind USD Coin (USDC).

Prominent Nubank backers include Warren Buffet, whose investment vehicle snapped up a $500 million stake in the Brazilian firm in June 2021.