Digital Financial Giant Nubank Partners with Circle for USDC Integration

Sead Fadilpašić
Last updated: | 2 min read
Source: Circle / Twitter

The Brazilian neobanking unicorn Nubank is furthering its crypto adoption journey by partnering with USDC issuer Circle.

According to Circle’s press release, the partnership aims to extend USDC access to Brazilian Nubank customers. Nubank’s announcement added that the USDC availability in the country will be “gradually rolled out.”

The press release stated that,

“Availability of USDC on Nubank’s crypto platform is phase one of extending USDC access across Nubank’s products to more than 85M Brazilian customers.”

Initially, USDC support will be launched on the crypto platform Nubank Cripto. This will enable its Brazilian users to buy and hold the USD-backed stablecoin.

Future plans include integration with Nubank’s “broader digital banking platforms.” Therefore, the customers will benefit from blockchain-based financial services powered by USDC, the bank said.

Thomaz Fortes, General Manager of Nubank Cripto, opined that the USDC integration creates “great opportunities” for customers interested in having digital dollars in their portfolio.

He added that, “through this offering and the characteristics of Circle’s USDC, we are considering future possibilities to integrate Nubank Cripto with other financial services available in our app.”

Strong Demand for Access to USD

The partnership includes contributions by both companies to campaigns that spread knowledge about USDC in the Brazilian market, said the announcement.

Furthermore, Nubank Cripto found that the USDC addition to the app meets the demands of active crypto holders. It also “keeps up with the constant evolution of the platform.”

Circle CEO Jeremy Allaire commented that there is a “strong demand” across Latin America for access to dollars. This is specifically the case in Brazil. This country, said Allaire, has emerged as a driving force for the region’s digital currency use and adoption.

Per the bank,

“The accessibility factor should also be highlighted, as regulated digital dollars can be acquired without needing a global account, and competent authorities regulate their issuance with an independent audit process.”

Nubank is a major digital financial platform, serving 90 million customers across Brazil, Mexico, and Colombia.

With USDC, it has added 11 new crypto options to its platform in 2023. In November alone, it added trading capabilities for five altcoins to its banking app.

The bank launched crypto trading functions on the app in May 2022, offering customers access to bitcoin (BTC) and ethereum (ETH).

That same year, it announced its intention to buy BTC using its balance sheet.

Nubank also said it wanted to convert 1% of its available funds to BTC via its holding company.

Meanwhile, it launched its own cryptoasset, Nucoin, serving as a utility token for the loyalty program.

Furthermore, the bank is working with the Central Bank of Brazil on the real digital CBDC pilot project with several local crypto companies.

Nubank’s major backers include Warren Buffet, Sequoia Capital, Tiger Global Management, and Goldman Sachs.