Nubank backed by Warren Buffett launches crypto trading – keeps Bitcoin on balance – Finance Bitcoin news

Nubank backed by Warren Buffett launches crypto trading – keeps Bitcoin on balance – Finance Bitcoin news

Nubank, backed by Warren Buffett, one of the world’s largest digital banking platforms, has launched cryptocurrency trading. Sstarting with bitcoin and ether, the bank explained that its 54 million customers can “buy, hold and sell cryptocurrencies all from the same app, without the need to open new accounts or transfer money”.

Nubank now offers in-app crypto trading

Nubank, one of the world’s largest digital banking platforms, announced on Wednesday that it is entering the crypto trading market. The bank serves about 54 million clients across Brazil, Mexico and Colombia.

Announcement details:

The company today launched an exclusive in-app crypto trading experience in Brazil, offering initial bitcoin and ethereum trading starting at BRL 1.00 (~ $ 0.20).

The new service aims to enable clients to buy, hold and sell cryptocurrencies all from the same [Nubank] application, without the need to open new accounts or transfer money “, they explain from the bank.

Prior to this launch, Nubanka’s clients could be exposed to cryptocurrencies through exchange-traded funds (ETFs) and funds offered by Nuinvest, formerly known as Easynvest.

The bank noted that the new crypto trading service will “gradually be available to customers in Brazil starting in May 2022, and will reach the entire customer base by the end of July 2022.”

The statement added that “Nubank will do frequent curations” in order to offer clients more cryptocurrencies. Furthermore, the bank will “provide educational resources to clients interested in digital currency transactions, to support informed investment decisions”.

Nubank’s partnership with Paxos

Nubank’s crypto trading is working in partnership with Paxos, a regulated blockchain infrastructure provider that will act as a custodian provider and broker, the announcement said.

Charles Cascarilla, co-founder and CEO of Paxos, commented: “Nubanka’s move to enter the cryptocurrency trading space is a strategic move not only for the company but also to accelerate the adoption of cryptocurrencies in the region.”

David Vélez, founder and CEO of Nubanka, believes:

There is no doubt that crypto is a growing trend in Latin America, one that we are closely following and believe will have a transformational impact on the region.

Nu Holdings adds Bitcoin to its balance sheet

In addition to launching cryptocurrency trading, Nu Holdings, the parent company of Nubanke, announced that it had allocated “~ 1% of cash in the balance sheet to bitcoin”. The company stated:

The transaction strengthens the company’s belief in the current and future potential of bitcoin in the financial services environment in the region.

Berkshire Hathaway Warren Buffett is the current shareholder of Nu Holdings. According to her latest 13F report to the U.S. Securities and Exchange Commission (SEC), Berkshire’s stake as of December 31, 2021 includes shares of Nu Holdings worth more than $ 1 billion. Berkshire Hathaway too invested $ 500 million at Nu Holding in June last year, months before the company went public.

Buffett, however, recently he said that they will not invest in cryptocurrencies because they produce nothing. Berkshire Vice President Charlie Munger, meanwhile, believes the crypto is “stupid and evil”.

What do you think of Warren Buffett-backed Nubank, which offers cryptocurrency trading and keeps bitcoin on its balance sheet? Let us know in the comments section below.

Nubank backed by Warren Buffett launches crypto trading – keeps Bitcoin on balance – Finance Bitcoin news

Kevin Helms

A student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects and the crossroads between economics and cryptography.




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