Nubank, Brazil’s largest digital bank, has made bitcoin purchasing available to all of its 53.9 million customers.The Warren Buffett-backed fintech announced the feature in May via a blog post, stating that it would be phased in. The organization also allotted treasury funds to bitcoin at the time.
On Monday, the blog post was updated to reflect the new status: All Nubank customers now have access to the “Nubank Crypto” tab, where they can negotiate bitcoin.
All of our customers now have the option to purchase cryptocurrencies through Nubank. Update your app, the blog post says.
Users can instantly buy and sell bitcoin through the Nubank Crypto section of the Nubank app, the most popular banking platform among Brazilians in 2021. Despite the fact that customers can now purchase BTC, the ability to withdraw purchased coins to an external wallet is not yet available.
On Tuesday, Bitcoin Magazine put the new feature to the test.
Nubank charges a small fee for each buy or sell transaction, which, while it varies, is typically around 0.02 percent. In the Crypto section, the app also displays educational content, informing novice investors about what bitcoin is.
As the user navigates to the page to buy BTC, Nubank’s app says, “The first cryptocurrency to exist.” Bitcoin was created with the intention of decentralizing the financial system, and it has influenced all subsequent cryptocurrencies. People generally compare Bitcoin to gold and store it for the future.
Start-up unicorn Nubank is Brazil’s most popular digital bank. The fintech company is backed by Warren Buffett’s Berkshire Hathaway and recently went public on the Nasdaq.
According to CNBC, the holding company invested $500 million in Nubank in June 2021, purchased 30 million shares for $250 million when it went public in December, and recently increased its stake in Brazilian fintech with $1 billion investment.
Nubank has joined the race to attract Brazilian bitcoin investors, as banking system players compete to provide the best cryptocurrency services in the country, from neo-banks like Nubank to traditional banks like ItauUnibanco. Investment banks such as BTG Pactual and XP Investimentos have recently increased their investments in the sector, with their own plans to offer Bitcoin services to consumers set to launch later this year.
Brazil’s cryptocurrency market is preparing for a new set of rules that will govern the activities of the country’s exchanges and custodians. In the coming weeks, the country’s House of Representatives will vote on an overhaul cryptocurrency draught bill.
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