Nubank reaches 1 million cryptocurrency users

Just a month after the service was introduced, Brazilian challenger bank Nubank said there are now one million bitcoin users in the country. According to the report, Nubank CEO and co-founder David Vélez confirmed the milestone, noting that they expected to hit the target within a year given the ongoing crypto winter. NeoFeed on August 1st.

“We are very impressed with the speed. It was a goal for one year of activity and we achieved it in three weeks, “said Vélez.

Nucrypto, a cryptocurrency service, was introduced to 46.5 million Nubank customers in May of this year. Clients can buy and sell Bitcoin (BTC) and Ethereum (ETH) through the platform using a cryptocurrency trading and custody service offered by the Paxos infrastructure. More assets are also expected to be added in the coming days.

Nubank, a company sponsored by billionaire Warren Buffet, said at the outset that it would invest 1% of its money in Bitcoin. The choice was made to underline the bank’s belief and support for cryptocurrencies. Specifically, Nubank attributes part of the expansion to the company’s mission of educating customers about the dangers of cryptocurrencies by offering educational resources to remove current barriers.

“There is no doubt that cryptocurrency is a growing trend in Latin America, which we are following closely and which we believe will have a transformative impact in the region. However, the trading experience is still very specific because customers do not have the information they need to feel confident about entering this new market or are simply frustrated by complex experiences, ”added Vélez.

The growth of Nubank’s crypto services is consistent with the increase in the use of digital assets by Brazilians, as evidenced by other service providers there. For example, Mexico-based cryptocurrency exchange Bitso revealed that Brazil was responsible for one million of its members. The company recently made major investments, such as US $ 1 million out of 400 registered, to rank among the top five financial institutions in Latin America.

* PortalCripto values ​​the quality of the information and certifies the verification of all the contents produced by its team, underlining however that it does not formulate any type of investment recommendation, not being responsible for losses, damages (direct, indirect and ancillary), costs and failure I earn.

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