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Warren Buffet-backed Nubank Finally Launches Bitcoin Operations for 54 Million Customers

Wed, 06/29/2022 - 13:25
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Gamza Khanzadaev
54 Million Brazilians can now buy Bitcoin via Warren Buffet-backed Nubank
Warren Buffet-backed Nubank Finally Launches Bitcoin Operations for 54 Million Customers
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One of the world's largest online banks, Brazilian Nubank, has launched the ability to make transactions with cryptocurrencies for its users. The userbase of Nubank is about 54 million individuals and more than one million companies.

The bank decided to start its new vector of development with the launch of the two most popular cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). In order to buy coins, the bank's user just needs to enter the Nubank app and make a transaction, having paid the purchase amount and a small commission of about 0.02%.

Nubank explained its choice to offer only Bitcoin and Ethereum trading to its customers by saying that both of these coins together make up 60% of the entire crypto market; limiting the offer to these time-tested cryptocurrencies will provide a safer entry to the market.

Latin American Crypto Saga

In addition to being one of the largest online banks in the world in terms of users, Nubank is also the most expensive digital bank, gaining that status from its IPO in early 2021, when the company was valued at $45 billion.

The largest funds in the world participate in the capital of the bank and, moreover, the guru of the stock market himself, Warren Buffett, has a weighty share of ownership in it. Nubank's strong foundation makes it a very solid recruit in the ranks of financial institutions and companies adopting cryptocurrencies.

Brazil itself seems to have moved to a softer stance on cryptocurrencies as well. On June 15, a bill was introduced to recognize cryptocurrencies as a means of payment. At the same time, many companies are already accepting crypto for payment, and soccer clubs, such as San Paolo, are even conducting initial public offerings of their own tokens.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.