Users of the Brazil-based Nubank digital bank will now be able to trade cryptocurrencies on the platform, according to the bank’s announcement on its website released last May 11, 2022. The digital bank has partnered with the blockchain and consensus platform Paxos to make trading Bitcoin (BTC) and Ether (ETH) available on the Nu app.
On the same day, Paxos also released an official statement on its website discussing the details of the collaborative effort and how users will be able to see crypto trading from a new perspective at Nubank.
Paxos founder and CEO Chares Cascarilla shared his thoughts on the partnership and the potential benefits it has to offer: ‘We are thrilled to partner with Nubank to deliver its over 50 million customers in Brazil a safe and affordable cryptocurrency trading experience.
‘Nubank’s move to enter the crypto trading space represents a strategic move not only for the company but for an acceleration of the cryptocurrency adoption in the region’, he shares.
David Velez, the CEO and founder of Nubank also provided his thoughts on the new feature and partnership in the official Paxos press release. ‘At Nubank, we aim to empower our customers by putting them in control of their money. Therefore, we built an experience that was simple and intuitive enough to broaden access to new segments while being robust and powerful for the more crypto-savvy’, he said.
The official Nubank article detailed that the option to buy and sell crypto is still in its testing phase and will gradually be released to customers in the coming months. There is still no date of release.
Some of the advertised advantages that come with trading crypto with Nubank include 24/7 trading, security measures and the option to have all of your investments compiled in the Nubank official app. Plus, users only need a minimum investment amount of R$1 to get started with trading digital assets on the platform.
Nubank also provided a guide to buying cryptocurrencies in the same article, detailing the different steps that traders must take to complete their transactions. Users must simply visit the ‘Crypto’ branch of the app and choose whether or not they want to buy BTC or ETH.
From there, fiat money will be deducted from their Nubank accounts to accommodate the new purchase. More specific steps on the process are also provided on the official Nubank website for those who wish to learn more.
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