- Brazil’s Nubank now has over 1 million crypto users on its platform.
- This influx of crypto users came in just one month after opening crypto trades on the app.
- More financial firms are offering crypto-driven services in the nation.
Brazil continues to impress the crypto industry by making headlines. The latest of which is about its increasingly popular neobank — Nubank. To highlight, Nubank is now home to over 1 million crypto users.
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This is great news for the neobank, especially since it only just launched its Bitcoin (BTC) and crypto trading services to its clients only a month ago. No doubt, the largest fintech bank in Latin America is only growing stronger.
In detail, the platform launched its Bitcoin (BTC) trading feature at the end of June 2022. With over 53.9 million Brazilian customers, Nubank felt it was the right moment to give them a crypto-oriented feature.
Now, Nubank users have the opportunity to buy and sell Bitcoin (BTC). Each transaction on the app incurs a small fee of around 0.02% of the total transaction amount. On the downside, the app did not let users withdraw their crypto to an external account.
The platform also acted as a source of information to educate the Nubank user base. Specifically, the crypto section of the app shares informational content to help spread awareness about all things crypto as well as to help guide new investors.
According to the responses on the tweet, the crypto community is quite enthralled by the rapid participation in Brazil. In fact, many responses have done nothing but cheer for the country and Nubank’s initiative to boost crypto adoption.
Meanwhile, others highlight how it is not just Brazil that is supporting crypto adoption in South America. Adding on to that, one comment in particular urges big crypto companies to support these nations by providing their services there sooner.
Meanwhile, other big names in Brazil have also begun to take crypto-driven initiatives. For instance, one of Brazil’s renowned equities brokers — XP, announced that it will provide Bitcoin (BTC) and Ethereum (ETH) trading on its platform from mid-August.
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