Friday, October 7, 2022

Fintech Giant Nubank Commence Crypto Trading With BTC and ETH

Nubank, a fintech company known to rank as one of the leading digital financial service providers in the world has entered into the crypto space with the launch of an in-app trading platform. The platform currently features Bitcoin (BTC) and Ethereum (ETH) with plans for other cryptocurrencies to be added in the future.  

According to Paxos, the financial blockchain firm that partnered with the fintech firm, the launch of this in-app trading experience aligns with the scheme of Nubank to broaden its product offering to customers and satisfy their needs. Paxos will serve in the position of a broker and a custodian to Nubank. The users will be presented with a very simple and safe understanding of trading on the platform.

Chief Executive Officer (CEO) at Nubank, David Vélez acknowledges that crypto has pursued a laudable trend over time and is gradually expanding in Latin America. He mentioned that users in that part of the world do not have enough access to the information required to stay afloat in the cryptosphere, nor do they possess enough boldness to enter the market.

Hence, customers will easily navigate through the platform buying, selling, and holding crypto as they please. The provision of resourceful material for interested customers to make calculated trading decisions is one of the aims of the platform.

The gradual launch of the platform in Brazil will start this month and span through to July when the company envisages that it would have finally reached all its customers which are about 50 million.

Brazil Crypto Space Advances

The fintech giant with a valuation of over $40 billion plans to frequently analyze and curate its services to allow for additional features in the near future. Nu Holdings, the mother company of Nubank, has already assigned 1% of its revenue to BTC, further emphasizing its optimism towards the capacity of the digital coin to cause financial development in that region.

This is happening right after the Senate of Brazil approved the crypto bill that has long been in the works. Further advancement has also been noticed as the Central bank of Brazil announced its intention to launch a central bank digital currency (CBDC) which led to the inauguration of 9 CBDC projects.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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