Brazil’s Biggest Neobank Makes Bitcoin Investment & Will Let Customers Buy BTC, Ethereum

Adoption Banking Bitcoin Brazil Ethereum Latin America
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Last updated:
Ad Disclosure
Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Author
Tim Alper
Author Categories
About Author

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...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Ad DisclosureWe believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Source: AdobeStock / Ascannio

 

Nubank, Brazil’s largest digital bank, is set to invest 1% of its portfolio in bitcoin (BTC), and will begin rolling out functions that allow its app users to buy, sell, and hold BTC and ethereum (ETH).

Per the media outlet Exame, the neobank will convert 1% of its equity to bitcoin via its holding company, Nu Holdings.

Nubank said its decision to invest in BTC was made in a bid to “reinforce the company’s conviction in the current and future potential of bitcoin to disrupt the financial services sector.”

In a blog post, the firm, which made its debut on the New York Stock Exchange in December last year, announced that its customers could begin BTC and ETH trading with as little as 1 Brazilian real (around USD 0.19).

In another post on the matter, the bank wrote that the feature was being rolled out in an initial beta that involves a small number of customers and hinted that it may add more tokens at a later date, writing that it had “decided to start with the biggest cryptocurrencies on the market.” 

It also called BTC and ETH “the two largest and most solid cryptocurrencies in the world.”

A full rollout is expected in the next few months.

The neobank justified its decision by noting that per data from the Securities Commission (the Comissão de Valores Mobiliários or CVM), the number of people investing in cryptoassets in Brazil grew by 938% in 2021, a figure well in excess of the global average.

Forbes Brazil reported that David Velez, the CEO and Founder of Nubank, stated:

“There can be no doubt that cryptocurrencies are a growing trend in Latin America. We have been following the market closely and we believe that [crypto has] transformational potential in this region.”

The new function – named Nubank Crypto – is being added after the bank struck a deal with the crypto player Paxos, which will provide brokerage and crypto custody solutions.

Charles Cascarilla, the co-founder and CEO of Paxos, was quoted as stating:

“This is a strategic move not only for Nubank, but for an even faster acceleration of cryptocurrency adoption in the region.”

____

Learn more: 
Another Banking Giant Enters Bitcoin & Ethereum, Coinbase Ends Brazilian M&A Talks
Brazilian Parliament Heading for Key Vote on Crypto Regulation Bill

Rio’s Treasury Reserves to Be Made up of 1% Crypto, City May Enable BTC Tax Payments
Crypto Bills in Panama, Brazil Progressing Fast, but Argentina Province Sends Mining Warning

IMF Warns of Dangers of Fed’s Rate Rise, Brazil Says Inflation ‘Won’t Be Temporary in West’
Crypto Adoption Continuing in Developing Countries Despite Price Drop

More Articles

DeFi News
From $10K to $75K: How Dave Portnoy Pumped and Dumped a Meme Coin on His Followers
Hassan Shittu
Hassan Shittu
2025-02-07 23:50:53
DeFi News
Donald Trump’s World Liberty Financial Set to Create Strategic Crypto Reserve: Report
Julia Smith
Julia Smith
2025-02-07 23:19:22
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors