The latest development from Nubank is aimed at bringing more Brazilians into the crypto space.
In yet another example of digital asset mainstream adoption, Nubank, one of the world’s largest digital banking platforms, announced on Wednesday that it will offer cryptocurrency buying, holding, and selling capabilities in collaboration with blockchain infrastructure platform Paxos.
According to Paxos, Nubank’s move into crypto represents a strategic move for the company and will accelerate adoption in the region.
With access to Bitcoin and Ethereum, Nubank is expected to bring 50 million Brazilians into the crypto ecosystem. It went on to say that by incorporating cryptocurrency, they are expanding on that promise by providing trusted access to this new system and rapidly growing asset class.
“We are fueling the adoption of crypto by working with trusted brands and platforms upon which consumers already rely. Today, more people have access to a fast, safe, and transparent banking system that was previously out of reach. We are proud to bring hundreds of millions of people closer to a more inclusive financial system and we are proud to partner with Nubank to make it possible.”
Nubank, Latin America’s largest bank by market capitalization, is well-known in Brazil for its crypto-friendly policies. The company’s recent decision to include cryptocurrency trading on its platform bodes well for the country’s Bitcoin enthusiasts.
Interestingly, Warren Buffett’s Berkshire Hathaway purchased $1 billion in Nubank stock in February of this year. This is in contrast to the billionaire’s widely publicized criticism of cryptocurrencies, which he claims do not create anything.
Buffett stated earlier this month:
“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
