In less than a month after introducing the service, the Brazilian bank Nubank has surpassed one million bitcoin customers.
NeoFeed reported on August 1 that Nubank’s CEO and co-founder David Vélez acknowledged the milestone, stating that they planned to reach the goal within a year, given the prolonged crypto winter.
“We are super impressed with the speed. It was a goal for a year of operation, and we reached it in three weeks,” Vélez said.
In May this year, the crypto service Nucripto was introduced to 46.5 million Nubank subscribers. Paxos’ infrastructure enables consumers to purchase and sell Bitcoin (BTC) and Ethereum (ETH) through the platform’s crypto trading and custody service. In addition, there are plans to supplement other assets in the following days.
Nubank headquarters in Sao Paulo. Photographer: Nelson Almeida/AFP/Getty Images
Increasing belief in cryptocurrencies
At the opening, Nubank, which billionaire Warren Buffet funds, revealed a goal to commit around 1 per cent of its capital to Bitcoin. This action demonstrated the bank’s support for and confidence in cryptocurrencies.
Notably, Nubank credits some of its success to the company’s mission to educate customers on the risks associated with cryptocurrencies by removing current hurdles and providing instructional resources.
Without question, crypto is a developing trend in Latin America, which will have a transformative effect on the area. Yet, the trading experience is still somewhat specialised, as clients either lack the knowledge to confidently join this new market or get dissatisfied by its complexity.
The expansion of Nubank’s crypto services coincides with the rising use of digital assets by Brazilian people, among other service providers in the nation. For instance, Bitso, a cryptocurrency exchange established in Mexico, said it had 1 million customers in Brazil.
The corporation has recently garnered significant investments, including $400 million in 2021, to become one of Latin America’s five most valued financial institutions.