The 53.9 million users of Nubank, the biggest digital bank in Brazil, can now purchase bitcoin.
The functionality was first disclosed by the Warren Buffett-backed fintech in May via a blog post, which also noted that it will be implemented slowly. The company also allocated treasury funds to bitcoin at the time.
Through the Nubank Crypto feature of the Nubank app, the Brazilians’ preferred banking platform in 2021, users may instantly purchase and trade bitcoin. Although users may now purchase BTC, it is currently not possible to withdraw bought coins to an external wallet.
Although it varies, Nubank’s cost for each purchase or sell transaction is a negligible 0.02%. In the Crypto part of the app, there is also instructional content that informs new investors about what bitcoin is.
“The first cryptocurrency to exist,” Nubank’s app says as the user navigates to the page to buy BTC. “Bitcoin was created with the intention to decentralize the financial system and influenced all the other cryptocurrencies since then. Generally, people compare Bitcoin to gold and tend to store it for the future.”
Unicorn start-up Nubank is the most well-known digital bank in Brazil. The fintech company just went public on the Nasdaq and is backed by Warren Buffett’s Berkshire Hathaway.
The Brazilian cryptocurrency industry is getting ready for new regulations that will control the operations of exchanges and custodians there. The revised cryptocurrency draft bill is scheduled to be voted on in the coming weeks by the nation’s House of Representatives.
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