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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.

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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.”

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