Nubank, Brazil’s largest digital bank in terms of market value, has shown its confidence in the cryptocurrency industry.
Bitcoin and Ether are now available for trading on Nubank’s platform.
Nu Assets has opted to invest one percent of its cash holdings in BTC in an effort to improve its standing in the crypto world.
Located in Brazil’s flourishing financial metropolis of So Paulo, Nubank’s parent business is Nu Holdings.
First-time Nubank has included crypto trading in its service offerings.
Until now, the lender’s investment unit, NuInvest, was the only way for customers to invest in cryptocurrency.
Since its founding in 2013, Nubank has worked to educate investors about crypto investments while allowing them to begin trading BTC and ETH.
In Latin America, there is little doubt that crypto is a developing trend that we have closely followed and believe will have a transformative impact on the area.
Nubank CEO and co-founder David Vélez said in a statement that “clients either lack information to feel secure in entering this new market or merely get frustrated by difficult experiences” that the trading experience is still relatively narrow.
BRL 1 (approximately Rs. 15) is the minimum amount of currency that Brazilians can trade on Nubank.
Because the entire transaction takes place within the Nubank app, the bank claims to offer the service with perfect security.
In order to facilitate cryptocurrency operations, Nubank has partnered with Paxos, a blockchain infrastructure provider.
The platform’s goal is to continue adding new cryptocurrencies to its cryptocurrency selection.
Nubank’s new crypto trading feature should be available to customers by July 2022, according to the company.
As a whole, Brazil has been working hard to get its cryptocurrency business in shape.
Brazil’s Senate passed a measure in April establishing national regulations for the cryptocurrency industry.
An important component of Brazil’s crypto legislation is to set penalties for people who use cryptocurrency in the commission of white-collar crimes such as money laundering or fraud.
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