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Brazillian bank Nubank launched its crypto trading services with just the two biggest coins on the market Bitcoin and Ethereum. Plans are also underway to expand the list and include other digital currencies soon.
Nubank, the digital services bank will allow customers to buy, sell, hold, and trade BTC and ETH, the two biggest cryptocurrencies. Recently, the Brazilian Senate approved the Bitcoin Law and Rio De Janeiro pledged 1% of the Treasury for crypto investments. The nation will witness many such initiatives to develop its crypto industry. To successfully deliver its product, Nubank partnered with Paxos, a blockchain infrastructure provider which offers services like cryptocurrency brokerage, asset tokenization, and settlement.
Low Investment Barrier To Encourage New Users
Bank customers can benefit from the service and start crypto trading as early as May 2022. The service will be rolled out gradually and will be available to all customers by the end of June. To encourage small capital investors, the bank will allow users to purchase crypto from as low as 1 Brazillian Real (approximately $0.20). The development will be highly beneficial for cautious, first-time investors who are usually discouraged by the high investment barriers set by most platforms.
Paxos chief Charles Cascarilla said, “The Company’s reach and impact across the country’s different segments ensure that even more people will be able to dive into crypto than ever before. Nubank’s move to enter the crypto trading space represents a strategic move not only for the company but for an acceleration of the cryptocurrency adoption in the region.”
A recent report by crypto exchange KuCoin revealed that around 34.5 million Brazilians aged 18 to 60 (26% of the population) are active crypto investors. Also, rising inflation in the country has caused a large percentage (62%) of these investors to put their faith in crypto which they consider the “future of finance.” The report also revealed that the nation’s underbanked population are driving the spread of crypto adoption.
In light of the development, Nubank’s Founder, David Vélez stated that “There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region. Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences.”
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