Brazil’s largest digital bank, Nubank, intends to invest 1 percent of its portfolio in bitcoins and will begin implementing features that will allow application users to buy, sell and store BTC and etherium (ETH).
Nubank said the decision to invest in BTC was made to “strengthen the company’s belief in the current and future potential of bitcoin and disrupt the financial services sector.”
The firm’s blog says that its clients can start trading BTC and ETH with at least 1 Brazilian real (about $0.19) in their account.
While this feature is being implemented at the beta stage, with a small number of clients participating in the tests. Starting with the two largest and most reliable cryptocurrencies in the world, other altcoins will be added later.
Neobank justified its decision with data from the Securities Commission that the number of people investing in crypto-assets in Brazil grew by 938% in 2021. This figure is significantly higher than the global average.
There is no doubt that cryptocurrencies are a growing trend in Latin America. We are watching the market closely and believe [cryptocurrency] has transformative potential in this region,” said Nubank CEO and founder David Velez.
The new feature, called Nubank Crypto, is being implemented through a partnership with the Paxos team, which will provide brokerage and cryptocurrency storage solutions.
This is a strategic move not only for Nubank, but also for faster adoption of cryptocurrency in the region,” added Paxos co-founder and CEO Charles Cascarilla.