Brazil’s Nubank introduces Bitcoin, Ether trading on its platform
Brazil’s largest digital bank, NuBank, will now allow customers to buy Ethereum and Bitcoin. The neobank even hinted at adding more cryptocurrencies in the future.
The bank made the announcement on the 11th of May 2022, saying that customers would be able to buy the cryptocurrencies for a minimum price of 1 Brazilian Real.
Customers will be able to buy these assets from existing accounts and will not have to open any specialized accounts. This will make entering the market easier. The bank also revealed that it might add new crypto assets in the future. As this has been the case with many other existing financial institutions in the past, Paxos will be the partner that will help to facilitate the entire end to end process.
As per the statement, “Cryptocurrencies are a growing latest trend in Latin America. We have been following the market closely, and we believe that there is a transformational potential in the region”.
NuBank is the largest financial technology bank in Latin America, and as a neobank, it provides a lot of innovative services and products. It operates in various companies, and its investors include Berkshire Hathaway and Sequoia Capital. It did allow the customers to invest in the cryptocurrencies before, with the help of ETFs.
Cryptocurrencies are popular in Latin America. Some countries have been more open to allowing cryptocurrencies to exist than others, but more banks are steadily warming up to the idea of crypto.
Nubank’s Bitcoin and Ethereum trading appears as the market bleeds
The decision from the bank comes at a time when the market is experiencing a severe downturn. Bitcoin has dipped below $27000 while, on the other hand, Ethereum has dropped to the $1800 level.
But more than Bitcoin’s drop below that major psychological level is the fact that LUNA has taken a major plunge along with its associated algorithmic stablecoin UST. The latter has decoupled greatly from its $1 peg, failing to a low of around $0.30, despite the efforts of the Luna Foundation Guard to maintain it. Luna’s co-founder Do Known has also recently revealed further plans to try and salvage the ecosystem.
It is not going to be a pleasant time for any market investor and any business launching crypto-related products and services. Australia revealed its first Bitcoin ETF on the 12th of May 2022, just as the market was experiencing a severe tumble.
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