Brazil’s Largest Digital Bank Nubank Reaches 1M Crypto Users After Just a Month

July 28, 2022 World Blockchain

Nubank, the largest Brazilian digital bank by market value, reached 1 million users on its crypto trading platform just one month after launching in June, the company said on Tuesday.

The company had hoped to reach the milestone within a year, after launching Nucripto in May and making it available to its 46.5 million users in June. The platform allows users to buy and sell bitcoin (BTC) and ether (ETH) through a crypto-trading and custody service provided by Paxos’ blockchain infrastructure.

In May, the company announced it was allocating roughly 1% of the cash on its balance sheet to bitcoin to demonstrate its belief in the cryptocurrency. “Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant due to the fact that it is a market with complex systems that make it difficult for people interested in taking their first steps to join,” Thomaz Fortes, leader of Nubank’s crypto area, said in a statement.