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Nubank Launches Cryptocurrency Trading

May 13, 2022

Nubank Launches Cryptocurrency Trading
Nubank, one of the world’s largest digital banking platforms, announced Wednesday that it is entering the crypto trading market. The bank serves around 54 million customers across Brazil, Mexico, and Colombia.

The new service aims to enable “customers to buy, hold and sell cryptocurrency all from the same [Nubank] app, with no need to open new accounts or transfer money,” the bank explained.

Prior to this launch, Nubank clients could gain exposure to cryptocurrencies through exchange-traded funds (ETFs) and funds offered by Nuinvest, formerly known as Easynvest.

The bank noted that the new crypto trading service “will be gradually available for customers in Brazil starting in May 2022, reaching the entire customer base by the end of July 2022.”

The announcement adds that “Nubank will do frequent curation” in order to offer more cryptocurrencies to clients. Furthermore, the bank will “provide educational resources to customers interested in digital currency transactions, to support informed investment decisions.”

Nubank’s crypto trading is operated in partnership with Paxos, a regulated blockchain infrastructure provider that will act as a custody provider and broker, according to the announcement.

Charles Cascarilla, co-founder and CEO of Paxos, commented: “Nubank’s move to enter the crypto trading space represents a strategic move not only for the company but for an acceleration of the cryptocurrency adoption in the region.”

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