Nubank, Brazil’s biggest digital bank, has announced that it would invest 1% of its assets in bitcoin ($BTC) and provide buying and selling options for its customers. Nubank is supported by Berkshire Hathaway CEO Warren Buffett.
According to the firm’s announcement, 1% of its stock would be assigned to bitcoin through its parent company, Nu Holdings, which is traded on the New York Stock Exchange. The move, according to Nubank, aims to “strengthen the company’s conviction in bitcoin’s present and future potential to disrupt financial services.”
According to multiple sources, Paxos, a cryptocurrency infrastructure company, would supply custody and trading services to Nubank’s product. According to Bitcoin Magazine, using Paxos’ services may mean that consumers purchasing and trading BTC on the Brazilian digital bank may be unable to withdraw to an external wallet.
Warren Buffett’s Berkshire Hathaway invested $500 million in Nubank in June 2021, before purchasing an additional 30 million shares for $250 million when it went public in December. The corporate giant has increased its investment in Nubank by $1 billion.
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