By Nathan Ferguson
Brazilian fintech Bank Nubank recently issued an official statement, announcing new cryptocurrency services in partnership with another cryptocurrency company named, Paxos.
Nubank Enabling Bitcoin and Ethereum Services
Fintech bank based in Brazil, Nubank, listed on the New York stock exchange and Brazilian B3 exchange, recently published an official announcement which stated that the bank will soon start to initiate cryptocurrency services and transactions in Bitcoin and Ethereum at the initial stage. The banks also mentioned that this new development is scheduled to launch some time this month and will eventually fully serve its massive 50 million user base around the month of July.
As for other cryptos, Nubank mentioned that they will be working hard to bring more supported cryptocurrencies for its users to play with in the coming time, however Nubank’s investment platform, Nunlvest could help users to acquire other cryptocurrencies through Exchange Traded Funds (ETFs) and other fund types.
Statements from the Executives
Founder and CEO of Nubank, David Velez commented on the state of cryptocurrency in Latin America, saying that there is no question that the popularity of cryptocurrencies is experiencing massive growth in the region, as we have been observing for quite some time and think that this will bring an evolution of the market in the space.
David also mentioned that user trading experience is still very lacking because new users are often worried about engaging with cryptocurrencies due to their low knowledge about the space. Users either loss confidence or are overwhelmed by the complexity that cryptocurrency trading can carry.
To power the cryptocurrency services, Nubank will be utilizing the services provided by cryptocurrency firm, Paxos, which is assigned as the official custody holder and broker. CEO of Paxos Charles Cascarilla commented on the partnership, stating that Nubank providing cryptocurrency services is not only an excellent strategic move, but will also help to boost mainstream cryptocurrency adoption rates in the Latin American region.
The firm powering Nubank itself, Nu Holdings also mentioned that they have managed to buy some Bitcoin worth about 1% of the company’s main official budget. Additionally, Nu Holdings stated that this purchase assists in securing the company’s belief regarding the existing and upcoming potential of Bitcoin, according to the region of Latin America.