Revolut has launched in Brazil, offering the ability for its citizens to use crypto investments and create a global account.
Revolut, a leader in digital banking, has just announced plans to expand into Brazil, catering to the growing demand for cryptocurrency investments there. With this move, the bank enters the Latin American market for the first time with the intention of competing against established firms like Nubank.
Revolut has announced that there are roughly 10 million crypto users in Brazil, demonstrating the market’s enormous growth potential. Nik Stronsky, the company’s CEO, stressed the firm’s dedication to provide easily accessible and user-friendly financial solutions that support a global economy.
Stronsky believes that this shift is just the beginning, despite the initial focus being on international accounts and cryptocurrency investments. Revolut, which has 29 million members worldwide, is eager to gain a foothold in the biggest nation in Latin America.
The startup will face fierce competition from the market leader in digital banking, Nubank, which has over 70 million customers and has already seized a sizeable share of the market.
In June of last year, Nubank started providing cryptocurrency trading, and in just one month, it had gathered 1 million members. It is evident that competition for a dominant position in the crypto-investment market is intensifying as Revolut sets its sights on Brazil’s booming digital banking industry.
