Brazilians can now buy bitcoin through Nubank
Nubank is the banking platform most used by Brazilians. The Warren Buffett-backed fintech announced in a blog post that all Nubank customers now have access to the “Nubank Crypto” platform, where bitcoins can be exchanged. The blog post reads, “The option to buy cryptocurrencies through Nubank is now available to all of our clients. Please update your mobile app.”
Once the app is updated, customers can buy and sell bitcoin through the Nubank Crypto section. It should be mentioned, though, that even though bank customers have this option, the functionality to withdraw cryptos to an external Wallet is not yet available.
For the service, Nubank charges a small fee of 0.02% for each transaction of purchase or sale. The app also provides inexperienced investors with educational content such as what bitcoins are and how to use them. One reads by browsing on the app that “Bitcoin is the first cryptocurrency to exist, Bitcoin was created with the purpose of decentralizing the financial system and has influenced all other cryptos” Other messages compare Bitcoin to gold and tend to save it for the future as if it were a commodity.
Nubank and the crypto momentum in Brasil
So the digital bank joins the race to attract Brazilian bitcoin investors. Other banking institutions such as BTG Pactual and XP Investimentos, which have doubled down on their interest in the sector, are rumored to join soon. By the end of the year, they are expected to start offering bitcoin services to their customers as well.
The Brazilian crypto market in Brazil is growing overwhelmingly. Politicians are preparing for a new set of rules to regulate crypto exchanges, and in the coming weeks, Brazil’s House of Representatives is set to vote on a bill on the subject of virtual currencies.