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Largest digital bank in Latin America to invest 1 percent of net assets in Bitcoin (BTC)

 


Nubank is the largest digital bank in Brazil and Latin America. It has now announced that it has partnered with Paxos, which will allow customers of the bank to buy, sell and store cryptocurrencies directly through Nubank.


Alongside the launch of the new services related to cryptocurrency transactions, Nubank announced that it would invest approximately 1 percent of its net assets in Bitcoin ( BTC ) through the treasury of Nu Holdings, a Nubank Group company.


"With this move, the company underscores its belief in the current and future potential of Bitcoin to transform the financial services space in the region," said Nubank.


Bitcoin and Ethereum ( ETH ) can be bought from as little as $0.20, according to a Nubank statement shared with Cointelegraph . This feature is expected to come in May. This crypto investment service will be fully implemented by the end of June.


"There is no doubt that cryptocurrencies are a growing trend in Latin America," said David Velez, Founder and CEO of Nubank. "We have observed the market closely and are convinced that the region has significant potential for transformation."


Nubank also shared that cryptocurrency integration aims to expand and improve access to this growing market. This should make it less complicated and less time-consuming for customers to buy, hold and sell digital currencies via the app. There is no need to open a new account or transfer cash.


The company also plans to expand its offering to include more cryptocurrencies in the future. However, the bank has not explained which assets these should be.


Through a series of APIs, Nubank can offer crypto services to its customers through Paxos. In the same framework , Paxos also works with Mercado Livre and PayPal.


Nubank had over 50 million customers in Brazil alone. According to Paxos, the partnership with the digital bank is an important strategic move as Latin America gradually emerges as a crypto hub .


Nubank and Bitcoin

While Nubank is offering its customers the ability to buy BTC and ETH directly for the first time, the bank is no newcomer to digital assets. Customers can already buy mutual funds with a stake in the digital asset market through Nulinvest, a platform that Nubank acquired in 2020 under the name Easyinvest.


With this acquisition, Nubank was also able to offer QBTC11. This is an ETF that is 100 percent focused on Bitcoin. This is managed by QR Asset Management.


It was also announced earlier in the year that Warren Buffett's company Berkshire Hathaway acquired $1 billion worth of Nubank stock in the fourth quarter of 2021. Buffett is said to have made an indirect investment in the digital asset market.


Nubank is not the only financial institution in Latin America looking to offer crypto investment services. With BTG Practual there is another Brazilian bank that also wants to call its customers Bitcoin investment. Bank President Roberto Sallouti recently announced that the bank would launch its own crypto exchange in about two months.


"We will launch our cryptocurrency trading platform in up to two months. BTG intends to create a complete investment platform for our clients," he explained.

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