Nubank, the largest digital bank in Brazil, will start selling bitcoin (BTC) and ethers (ETH) to its customers who will be able to purchase these cryptocurrencies with Brazilian reais.
On your Nubank website reported today what it will be possible to buy and sell bitcoin and ether from your application, for which they will rely on the Paxos infrastructure, which will provide the custody and trade service.
Users will be able to buy and sell cryptocurrencies with Brazilian reals, but initially they will not be able to withdraw or deposit their crypto assets. This, because, for now, the option to buy cryptocurrencies is in the testing phaseand it is only available for a group of clients.
According to their statement, the offer will be available to the public. from tomorrow Thursday May 12 and will gradually expand to cover their entire customer base in Brazil, which they plan to achieve by the end of July this year.
Nubank details that it made the decision to enter this “universe” of cryptocurrencies with which they cover 60% of the market, although does not rule out adding support for other crypto assets in the future.
According to the company, clients will not need to open new accounts to exchange cryptocurrenciesthey will only use the accounts they currently have.
To trade with bitcoin or ethers, Nubank users will only have to go to the “Crypto” section, which will appear on the main screen of their application, where they can select the option of their choice, between buying and selling.
According to the company, can be invested from a single Brazilian real and does not require users to pay a minimum entry fee.
The largest Brazilian fintech acquired Easynvest in September 2020, a platform that has actively offered the first bitcoin ETF in Latin America.
In February of this year, Warren Buffett, one of the world’s richest men, invested $1 billion in Class A shares of neobank Nubank, with which the bitcoin critic now indirectly seems to give the pioneering cryptocurrency a nod.