The undisputed largest digital bank in Brazil and all of Latin America, Nubank, announced today its partnership with crypto exchange Paxos to offer its customers the opportunity to buy, sell, or store cryptocurrencies through Nubank itself. On top of that announcement, the Brazilian bank also stated that it would be committing 1% of its total net assets to purchase Bitcoin (BTC) via the cashier of Nu Holdings.
According to Nubank, the launching of the new crypto transaction services reinforces the bank’s dedication to the current stature of BTC and its much more promising future in revolutionizing the region’s financial services. This statement was then supplemented by the bank’s founder and current CEO, David Velez, by saying that there is no shadow of a doubt that cryptos are growing more popular in the Latin American region. Nubank has been following the market intensively and firmly believes that now is the time to put its transformational potential within the region to practice, explained Velez.
The feature will begin this May and be made available to all Nubank customers (50 million) by next month. While the service may be limited to just BTC and ETH at launch, Nubank reassured that more crypto options would follow. As of press time, Nubank hasn’t disclosed the exact amount of BTC it bought in preparation for the new service offerings.