Brazilian digital banking giant Nubank has announced its first foray into the cryptocurrency universe. The neobank will make bitcoin and ethereum transactions available to its customers, with investments starting at 1 Brazilian real. The novelty will be released gradually and will be available to the entire client base by the end of June.
According to David Vélez, founder and executive director at Nubank, “there is no doubt that cryptocurrencies are a growing trend in Latin America”. “We have been following the market closely and we believe that there is a transformational potential in the region. However, the experience of trading cryptocurrencies is very niche, as customers have little information available to feel confident in entering this new market, or feel frustrated with complex systems,” he says in a statement.
The news comes at a delicate time for the company. Nubank, which debuted on the New York Stock Exchange as the most valuable bank in Latin America, but saw its shares plummet 50% this week. The neobank is now worth half of Itaú, Brazil’s largest private bank, which currently has a market value of $40,6 billion. According to the document sent to the market on the move around crypto, the new feature is part of the bank’s product portfolio expansion strategy and aims to meet the needs of its customers. Could this be an attempt to recover some of the share value?
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Vélez says that Nubank has managed to create a “simple and intuitive” experience to democratize access and eliminate the complexity of buying and selling digital currencies. Ahead of the expansion of the crypto wallet, the bank stated that it will be curating the space frequently to add other cryptocurrencies in the future.
The new product is operated in partnership with blockchain infrastructure provider Paxos, which acts as a broker and performs the custody of cryptocurrencies in the Nubank app.
