Nubank, the Brazilian-based digital bank backed by Warren Buffet, is adding the option for users to be able to buy and trade bitcoin and ethereum on its platform. Nubank’s parent company, Nu Holdings, recently said it will allocate around 1% of the cash on its balance sheet to bitcoin in order to demonstrate its confidence in cryptocurrency. Paxos’ blockchain technology will enable crypto trading and custody services. Users will be able to purchase and trade crypto with Brazilian Reals, but will not, at least initially, be able to withdraw or deposit crypto. According to Nubank’s 2021 annual report, the company has 53.9 million subscribers in Brazil, Mexico, and Colombia. The bank generated $1.7 billion in income last year.
Nubank, Brazil’s Largest Digital Bank, Launches Bitcoin and Ether Trading