Friday, September 30, 2022

Nubank’s Nucripto Trading Platform Clocks 1M Users 

Brazil’s largest digital bank by market value, Nubank announced today that it had reached 1 million users on its crypto trading platform, Nucripto. This news comes barely one month after the launch of the platform and eleven months ahead of the projected growth. 

Nubank is a Brazilian fintech neobank founded by David Vélez in 2013. Based on the number of customers, it is currently the largest digital bank.

It was borne out of Vélez’s desire to provide convenient banking services after he had a frustrating experience at a bank. All the banks present at the time were imposing high fees and hiking interest rates on credit cards. Not forgetting to mention their distasteful customer services.

Two years after its official launch, Nubank reached 1 million credit card customers. The fintech giant had earned a valuation of over $40 billion. Shortly after, it received a license of operation from the Brazilian banking industry.

With the acquisition of the license, the bank’s offerings expanded greatly to a wide range of other products. Nubank was now able to offer checking and savings accounts which in turn increased its customer base. Today, the neobank has over 50 million users.

Nubank List BTC and ETH on its Crypto Platform 

The Nubank app was recognized to be the most downloaded neobank app in Brazil. It was also one of the first Brazilian unicorn firms. Expanding into more financial services and the digital space, the fintech company entered the crypto ecosystem with the launch of the in-app trading platform, Nucripto. 

By May 2022, Bitcoin (BTC) and Ethereum (ETH) were the only listed cryptocurrency. The bank plans to list other digital assets in the near future. The launch was accomplished in collaboration with Paxo, a financial blockchain firm. Paxo is meant to serve as a broker and a custodian to Nubank.

Nubank envisaged that by July, the app would have reached all its 50 million users. Finally, its crypto platform has hit 1 million active users. Nubank plans to frequently analyze and curate its services to allow for additional features in the near future. The fintech bank is quietly considering asset tokenization.

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

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