The 53.9 million customers of Nubank, the biggest digital bank in Brazil, may now purchase bitcoin.
The functionality was first disclosed by the Warren Buffett-backed fintech in May via a blog post, which also noted that it will be implemented gradually. The business also allocated treasury funds to bitcoin at the time.
All Nubank customers now have access to the “Nubank Crypto” tab, where bitcoin can be traded, according to a blog post that was modified on Monday to reflect the new situation. All existing customers are now able to purchase cryptocurrency through Nubank. The new blog post advises users to “update your app.”
Through the Nubank Crypto feature of the Nubank app, the Brazilians’ preferred banking platform in 2021, users may instantaneously purchase and trade bitcoin. Although users can now purchase BTC, it is currently not possible to withdraw bought coins to an external wallet.
Although it varies, Nubank’s cost for each buy or sell transaction is a negligible 0.02%. In the Crypto part of the app, there is also educational content that informs new investors about what bitcoin is.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.