Brazil’s largest digital bank, NuBank, has launched the ability to buy bitcoins for all of its 53.9 million customers.
The Warren Buffett-backed fintech announced the feature in May via a blog post that detailed how the option would roll out in phases. At the time, the company also made a treasury allocation to Bitcoin.
The blog post was updated on Monday to reflect the new situation: All NuBank customers now have access to the NuBank Crypto tab where Bitcoin can be traded.
“The option to buy cryptocurrencies through NuBank is now available to all our customers. Update your app,” reads the updated blog post.
Users can buy and sell bitcoin instantly through the Nubank crypto section of the app from Nubank, the banking platform widely used by Brazilians in 2021. Although customers now have the option to purchase BTC, there is no option to withdraw purchased coins to an external wallet. still available.
Bitcoin Magazine tested the new feature on Tuesday.
NuBank charges a small fee for each buy or sell operation, but it varies by 0.02%. The app also offers crypto educational material that gives beginners information on what Bitcoin is all about.
“The first cryptocurrency exists,” says the NuBank app when users visit the site to buy BTC. “Bitcoin was created with the intention of decentralizing the financial system and has since influenced all other cryptocurrencies. In general, people compare bitcoin to gold and save it for the future.”
Unicorn startup NuBank is Brazil’s most popular digital bank. The fintech is backed by Warren Buffett’s Berkshire Hathaway and recently went public on the Nasdaq.
after a CNBC According to the report, the holding company invested $500 million in NuBank in June 2021, acquired 30 million shares for $250 million when it went public in December, and recently doubled in size with a $1 billion investment in Brazilian fintechs. Path.
Nubank is joining the race to woo Brazil’s bitcoin investors as players in the banking system compete to offer the country’s best cryptocurrency services — from neo-banks like Nubank to traditional banks like Ita Unibanco. Investment banks like BTG Pactual and XP Investimentos have recently doubled down on this space with their plans to offer Bitcoin services to consumers later this year.
The Brazilian cryptocurrency market is preparing for a new set of rules that will regulate the activities of exchanges and custodians in the country. The country’s House of Representatives will vote on a cryptocurrency overhaul bill in the coming weeks.
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