Brazilian neobank Nubank enables Bitcoin (BTC) and Ethereum (ETH) trading

Brazilian neobank Nubank enables Bitcoin (BTC) and Ethereum (ETH) trading

On Wednesday, May 11, Nubank has launched the Bitcoin and Ethereum trading service for all its clients. Other cryptocurrencies are also expected to be added in the future.

According to Forbes , users of the neobank will be able to operate with cryptocurrencies with a minimum amount of 1 Brazilian real (0.19 dollars at current prices) , and they will not need to open new accounts for this type of transaction.

“Cryptocurrencies are a growing trend in Latin America. We have been monitoring the market and we believe there is potential for transformation in the region.”

Service launches in partnership with Paxos

An element to highlight about the launch of the trading service is that it has been carried out in association with Paxos , a company that acts as a broker and owns cryptocurrencies in the Nubank application.

In this way, the association with Paxos guarantees the global protection of client assets by the main regulators of digital assets.

It is important to note that, prior to today’s announcement, customers could only access cryptocurrencies through ETFs and funds offered by the platform . However, now they can do it directly through the Nubank app.

Nubank adds Bitcoin to its investment portfolio

In parallel to the launch of the cryptocurrency trading service for its clients, Nubank also announced an allocation of approximately 1% of its resources in BTC.

In this sense, the allocation will be made through Nu Holdings, a company that controls the Nubank Group, reinforcing the conviction of the neobank in the future and the potential of the largest cryptocurrency by market capitalization.

Nubank’s announcement comes days after the Brazilian Senate approved the text on cryptocurrency regulation.

The proposal , which provides guidelines for the “provision of virtual asset services” and regulates the operation of the companies that provide these services, will be analyzed in the Chamber of Deputies.

Melissa Galbraith
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.