Nubank Registers 1M Crypto Users in One Month

Brazil’s leading online bank Nubank registered 1 million users on its crypto trading platform Nucripto a month after its launch. The digital bank disclosed this in an interview with local media, Neofeed.

While announcing the milestone, the firm said it had projected to reach the 1 million mark within a year but it’s pleased to register that number within a month.

According to David Vélez, CEO and co-founder of Nubank, the firm is super impressed with the speed. Furthermore, Vélez said, the rapid adoption of Nucripto by users is a testament to the firm’s goal of democratizing cryptocurrencies and providing customers with new financial opportunities.

The Nucripto platform powered by Paxos blockchain allows users to trade and store Bitcoin (BTC) and Ethereum (ETH) from BRL 1.00. It was launched in May and was available for use to Nubank’s over 45 million subscribers in June.

The platform will also gradually add other cryptocurrencies as it continues to create awareness content to avoid speculations. Nubank’s Nucripto is coming at a time when global exchanges like Binance, Gemini, and FTX amongst others are already leading the space.

In the interview, the CEO also hinted at introducing other features like asset tokenization in the near future. This will allow users to transform traditional finance products into tokens.

In a show of faith in the digital currency, the online bank dedicated about 1% of the cash on its balance sheet to Bitcoin. 

Brazil’s fintech firms adopt crypto services

Since the boom of the industry, several major fintech firms have integrated several crypto-related services into their platforms.

In addition to providing access to ETH, BTC, and Paxos’ USDP stablecoin, the Brazilian PicPay payment app is planning to launch a stablecoin pegged against the Brazilian Real in 2022. After the launch of the stablecoin, over 30 million active users can pay, trade, and store the cryptocurrency.

Similarly, Brazilian private bank Itaú Unibanco also intends to launch an asset tokenization platform. The private bank is also collaborating with Brazil’s Apex bank to design a digital currency for the nation

Additionally, e-commerce firm Mercado Libre, now allows users in Brazil to buy, sell and hold cryptocurrencies. This was made possible through its partnership with 2TM and Paxos.