Brazil’s largest digital bank launches bitcoin and ether trading

Nubank, the largest digital bank in Brazil, will start selling bitcoin (BTC) and ethers (ETH) to its customers who will be able to acquire these cryptocurrencies with Brazilian reais.

On its website Nubank reported today that it will be possible to buy and sell bitcoin and ether from your application, for which they will rely on the Paxos infrastructure, which will provide the custody and trading service.

Users will be able to buy and sell cryptocurrencies with Brazilian reais, but initially they will not be able to withdraw or deposit their cryptoassets. This, because, for now, the option to buy cryptocurrencies is in the testing phase, and is only available to a group of customers.

According to its statement, the offer will be available to the public from tomorrow, Thursday, May 12, and will gradually be expanded to cover their entire customer base in Brazil, which they plan to achieve by the end of July this year.

Nubank details that it made the decision to enter this “universe” of cryptocurrencies with which they cover 60% of the market, although he does not rule out adding support for other crypto assets in the future.

According to the company, customers will not need to open new accounts to exchange cryptocurrencies, they will only use the accounts they currently have.

To trade with bitcoin or ethers, Nubank users will only have to go to the “Crypto” section, which will appear on the main screen of their application, where they can select the option of their preference, between buying and selling.

According to the company, it will be possible to invest from a single Brazilian real and it does not require users to pay a minimum entry fee.

The largest Brazilian fintech acquired Easynvest in September 2020, a platform that has actively offered the first bitcoin ETF in Latin America.

In February of this year, Warren Buffett, one of the richest men in the world, invested USD 1,000 million in Class A shares of the neobank Nubank, with which the bitcoin critic now indirectly seems to give a nod to the pioneering cryptocurrency.