Brazil's Nubank partnered with crypto firm Paxos to allow customers to trade bitcoin and ether.
Brazilian fintech company Nubank inked a deal with crypto firm Paxos to start trading crypto.
The bank is initially offering bitcoin and ether transactions and will start rolling out the new product in May to reach its entire 50 million customer base by end of July, according to"There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region.
Nubank said it intends to add more cryptocurrencies in the future. Clients could already access crypto via ETFs and funds offered by NuInvest, the company's investment platform."Nubank’s move to enter the crypto trading space represents a strategic move not only for the company, but for an acceleration of the crypto currency adoption in the region”, said co-founder & CEO of Paxos Charles Cascarilla.
Nu Holdings, the parent company of Nubank, also announced that it purchased an amount of bitcoin equivalent to about 1% of its balance sheet. "The transaction reinforces the company’s conviction in the current and future potential of Bitcoin in the region’s financial services landscape," the announcement read.
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