Just-In: Brazil’s Nubank To Allow Crypto Trading

In yet another act of mainstream adoption of digital assets, Brazil based Nubank, one of the world’s largest digital banking platforms, announced on Wednesday it will offer cryptocurrency buying, holding and selling capabilities in collaboration with blockchain infrastructure platform Paxos. Nubank’s move into crypto represents a strategic move for the company and will further accelerate adoption in the region, Paxos said.

Crypto Access To 50 Million People

With access to Bitcoin and Ethereum, the move is likely to bring 50 million Brazilians into the crypto ecosystem through Nubank. By adding crypto, they expand on that promise by creating trusted access to this new system and fast growing asset class, it added.

We are fueling the adoption of crypto by working with trusted brands and platforms upon which consumers already rely. Today, more people have access to a fast, safe and transparent banking system that was previously out of reach. We are proud to bring hundreds of millions of people closer to a more inclusive financial system and we are proud to partner with Nubank to make it possible.

The Warren Buffett Paradox

Latin America’s biggest bank by market capitalization, Nubank is widely known in Brazil for its crypto friendly practices. The latest move to offer cryptocurrency trading on its platform bodes well for the country’s Bitcoin enthusiasts.

Interestingly, Warren Buffett’s Berkshire Hathaway had in February this year purchased $1 billion worth of Nubank stock. This is in contrast to the billionaire’s popularly known criticism of cryptocurrencies stating that the asset does not create anything.

As recently as this month, Buffett said,

“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.