Latin America’s leading digital bank, Nubank has integrated support for Bitcoin (BTC) and Ethereum (ETH) trading on its application. The move was made possible in partnership with Paxos, a licensed crypto infrastructure service provider who will serve as both the custodian and the broker for the trading service.
While the new provision will be kickstarted with BTC and ETH, Nubank plans to add support for more digital currencies in the near future as it looks to harness the growing popularity of cryptocurrencies in the Latin American world.
“There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region,” said David Vélez, CEO and founder at Nubank.
“Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences. At Nubank, we aim to empower our customers by putting them in control of their money. Therefore, we built an experience that was simple and intuitive enough to broaden access to new segments while being robust and powerful for the more crypto-savvy.”
Besides the pursuit of simplicity that Nubank hopes to use to attract more crypto investors as no new account has to be opened to trade the digital currency, the entry cost is also set very low at BRL $ 1.00 which is approximately $0.20.
Nubank to Help Power Crypto Adoption in Latin America
By dipping its feet into the digital currency trading ecosystem, Nubank is committing itself to helping grow the adoption of crypto in Latin America.
“The Company’s reach and impact across the country’s different segments ensures that even more people will be able to dive into crypto than ever before. Nubank’s move to enter the crypto trading space represents a strategic move not only for the company but for an acceleration of the crypto currency adoption in the region”, explains Charles Cascarilla, Co-Founder & CEO of Paxos.
Nubank has also topped its balance sheet with Bitcoin, joining the likes of MicroStrategy, Block, and Tesla as institutional investors helping to grow the utility and sentiments around Bitcoin and crypto in general.
