You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Bullish Brazilian Bank Nubank Adds Five More Altcoins to Banking App

The Brazilian neobanking unicorn, Nubank, is intensifying its embrace of cryptocurrencies by incorporating trading capabilities for five additional altcoins into its banking app.

According to the Brazilian media outlet Livecoins, on November 22, the bank introduced support for Polkadot (DOT), Avalanche (AVAX), Stellar Lumens (XLM), Arbitrum (ARB), and Optimism (OP).

Nubank initially launched crypto trading features on its banking app in May 2022, providing its customers with access to Bitcoin (BTC) and Ethereum (ETH). Since then, the platform has continued to broaden its array of crypto offerings, having introduced Polygon (MATIC) and Uniswap (UNI) trading functions earlier this year.

Nubank has emerged as one of the prominent advocates for cryptocurrencies in the nation, declaring its intent last year to invest in Bitcoin (BTC) using its balance sheet. The company expressed its goal of converting 1% of its available funds to Bitcoin through its holding company.

Notably, Nubank boasts influential backers, including Warren Buffett, whose investment vehicle acquired a $500 million stake in 2021.

The bank initiated an initial public offering (IPO) in 2021, achieving a valuation exceeding $45 billion. Subsequently, Nubank introduced its own cryptocurrency, Nucoin, which it actively trades on its app. Additionally, it established a dedicated crypto division named Nubank Cripto.

Nubank: Brazilian Bank Remaining Bullish on Crypto

Nubank Cripto explained that the inclusion of the new altcoins was influenced, in part, by user feedback, stating:

“Diversification is considered crucial for individuals deeply engaged in this technology.”

In an effort to generate interest in its recently added altcoins, the bank is offering promotional commission rates of 0.9% for the next four weeks.

Nubank has garnered support from other major backers, including Sequoia Capital, Tiger Global Management, and Goldman Sachs.

In addition to its crypto endeavors, Nubank is collaborating with the Brazilian central bank on its digital real Central Bank Digital Currency (CBDC) pilot project. This initiative involves partnerships with several smaller domestic crypto players.

Furthermore, traditional financial services providers in Brazil, such as Itaú, have also started to explore and develop interests in the cryptocurrency space in recent years.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024By
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024By
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024By

Latest news

Coinbase Unveils Two New Wallet Solutions Aimed at Easing Crypto Onboarding
01.03.2024
Worldcoin Developer Acquires Solana-Based Digital Wallet Ottr
01.03.2024
Web3 Lost Over $200 Million to Hackers in Two Months of 2024, More to Come – Immunefi
01.03.2024
Musée d’Orsay Breaks New Ground with On-Chain Exhibition and NFT Auction
01.03.2024
Crypto Lender Ledn Now Offers ETH-Backed Loans to Meet Growing Demand
01.03.2024
BlackRock to Launch Brazil’s First Bitcoin ETF on March 1
01.03.2024
Traditional Banking Titans Bank of America and Wells Fargo Look to Offer Bitcoin ETF Access
01.03.2024
Telegram to Launch Advertising Platform Using TON Blockchain
29.02.2024
3 Crypto Experts Predict This New Coin Might 50x In March
29.02.2024
Expert Take: Rising DeFi TVL is Silencing the Doubters
29.02.2024