One of the largest online banks in Brazil, Nubank now offers its customers the option to buy Bitcoin. This shows almost 53.9 million Brazilians who now have simplified access to invest in Bitcoin.
Brazilians can now easily invest in Bitcoin
So, Nubank, the largest digital bank in Brazil, has just announced that it is offering its users the possibility to buy the king of crypto – currencies. This fintech, especially supported by American tycoon Warren Buffet, there are over 53.9 million customers in the largest state in South America. Apart from this news, the company also confirmed that it had a bitcoin allocation in its treasury.
In concrete terms, users now have access to an encrypted tab that allows them to purchase Bitcoin very simply. Customers just need to update their app to have this new feature. Bitcoin users can easily buy and sell this app which is very popular in Brazil. However, tokens cannot currently be withdrawn and transferred to an external wallet. A great black spot at the moment as we recall the recent events that particularly affected Celsius.
Nubank charges a fee of approximately 0.02% per transaction. The platform also provides educational content to let its users learn about Bitcoin or the blockchain. An educational goal that can be found on many exchanges like Binance or Kraken. The app states:
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 tend to store it for the future.
Online banking gambling
Nubank is the most popular online bank in Brazil. The bank is backed by investor Warren Buffet’s Berskshire Hathaway fund and has recently been listed on the Nasdaq. According to CNBC, Buffet invested almost $ 500 million in Brazilian fintech in June 2021 and gained nearly 30 million shares for $ 250 million in December 2021. The fund recently invested nearly $ 1 billion more in Nubank .
Nubank is thus involved in the race between the various players in the Brazilian banking sector, in the field of cryptocurrencies. Traditional banks like Itau Unibanco or investment banks like BTG Pactual or XP Investimentos also have plans to allow users to buy Bitcoin.
On the regulatory side, The House of Representatives, which is the equivalent of our National Assembly, is preparing a legal text to regulate exchange activities in the country in particular. This law should be voted on in the coming weeks.
In a country hit by certain economic difficulties and instability, cryptocurrencies are sometimes seen as a safe haven. Brazil is one of the largest markets in the world and Nubank wants to be ahead of the competition with this new service.
Crypto-assets are a risky investment.