Warren Buffett-Backed Nubank Has 1 Million Cryptocurrency Users

Just one month after introducing the service, Brazilian challenger bank Nubank stated that there are now one million bitcoin users in the nation.

Nubank’s CEO and co-founder David Vélez confirmed the milestone noting they expected to hit the target in a year considering the ongoing crypto winter, NeoFeed reported on August 1. 

“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. 

Nucrypto, a cryptocurrency service, was introduced to 46.5 million Nubank customers in May of this year. Customers can purchase and sell Bitcoin (BTC) and Ethereum (ETH) through the platform using a cryptocurrency trading and custody service offered by Paxos’ infrastructure. In the upcoming days, there are also plans to add more assets.

Rising acceptance of crypto – Nubank

Nubank, a company sponsored by billionaire Warren Buffet, declared at the start that it will invest 1% of its cash in Bitcoin. The choice was made to emphasize the bank’s conviction in and support for cryptocurrencies.

Notably, Nubank attributes a portion of the expansion to the company’s mission to inform customers about the dangers of cryptocurrencies by offering educational resources to remove current hurdles.

“There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region. Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences,” Vélez added.

Growth in Nubank’s crypto services is consistent with a rise in Brazilians‘ use of digital assets as evidenced by other service providers there. For instance, the cryptocurrency exchange Bitso, based in Mexico, disclosed that Brazil accounted for 1 million of its members.

The corporation has recently garnered large investments, such as the $400 million recorded in 2021, to rank among the top five financial institutions in Latin America.

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