One of the biggest online banks in the world, Nubank, has made cryptocurrency transactions available to its customers on June 27. About 54 million people and more than a million business firms are Nubank customers.
The bank is all set to launch the two most widely used cryptocurrencies, Bitcoin (BTC) and Ethereum, as the first steps in the creation of its new strategy (ETH). Brazilian Online banking Giant Nubank made the process for its customers very easy. For example if a customer wants to purchase a coin all he needs to do is to enter the Nubank app and make the transaction for the coin as per his choice plus a modest commission of roughly 0.02%.
Nubank justified its decision to limit its client trading options to Bitcoin and Ethereum, noting that these two cryptocurrencies account for 60% of the overall cryptocurrency market and that doing so will allow for a safer entry into the market.
Nubank, which became the most expensive digital bank after its IPO in early 2021 at a valuation of $45 billion, is one of the most popular online banks in the world in terms of users.
The largest funds in the world contribute to the bank’s capital, and Warren Buffett, the stock market expert himself, owns a major portion of the company. Due to its solid foundation, Nubank is an excellent addition to the ranks of financial institutions and businesses embracing cryptocurrency.
Brazil appears to have softened its position on cryptocurrency as well. On June 15, the Brazilian government passed a bill to accept cryptocurrency as a mode of payment. A lot of businesses are now accepting cryptocurrency as payment, and some soccer teams, like San Paolo, are even holding initial public offers for their own tokens.
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