Nubank, the largest digital bank in Brazil and Latin America, announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank. Along with the launch of the new cryptocurrency transaction services, Nubank announced it will allocate roughly 1% of its net assets to Bitcoin (BTC) through the cashier of Nu Holdings, a company that controls the Nubank Group. The purchase of Bitcoin and Ethereum (ETH) can be made from $ 0.20 (or 1 BRL) and will be made available in May. The crypto investment service will be fully implemented by the end of June.
Nubank also informed that the integration with cryptocurrencies aims to expand and improve access to this growing market, eliminating complexity and friction for customers to buy, hold and sell digital currencies through the app without the need to open new accounts or transfer cash. The company confirmed plans to expand beyond just BTC and ETH offerings in the future but didn’t elaborate on which assets will be included. Through a set of APIs, Paxos will enable Nubank to offer crypto-enabled services to customers, as Mercado Livre and PayPal also do in partnership with Paxos. Nubank is said to have more than 50 million customers in Brazil alone. According to Paxos, its partnership with the digital bank represents an important strategic move as Latin America continues to grow into a crypto hub.