Brazil’s largest digital bank added bitcoin to its treasury and now allows customers to buy, sell and hold the currency in its mobile app.
Brazil’s largest digital bank added bitcoin to its treasury and now allows customers to buy, sell and hold the currency in its mobile app.
- Nubank now enables its customers to purchase bitcoin in its mobile app.
- Nubank will also allocate 1% of its portfolio to bitcoin to “strengthen the company’s conviction” in the potential of bitcoin, the firm said.
- Bitcoin critic Warren Buffet owns Nubank shares through his holding company Berkshire Hathaway, giving the investor indirect exposure to BTC.
Nubank, the largest Brazilian digital bank, now allows customers to buy, sell and hold bitcoin in the bank’s mobile application, the company said in a statement[2] Wednesday.
The fintech also will allocate 1% of its equity to bitcoin through its parent company Nu Holdings Inc., which is listed on the New York Stock Exchange (NYSE). Nubank said the move seeks to “strengthen the company’s conviction in the current and future potential of bitcoin in disrupting financial services,” reported Exame[3].
Cryptocurrency infrastructure company Paxos will provide the necessary trading and custody services for Nubank’s offering, according to multiple reports. As a result, it appears that users leveraging the Brazilian digital bank’s app for buying bitcoin will not be able to withdraw BTC to a wallet they control.
The feature will be rolled out in phases. Currently, the option is in the testing phase, where a few percent of Nubank’s customers will have access to the bitcoin integration. The bank expects all customers to be served over the next couple of months.
In its statement, Nubank detailed its reasoning for investing in the Bitcoin ecosystem,
