On Tuesday, May 26, Brazilian Nubank, Latin America’s largest digital bank, announced that its recently launched service for buying and selling cryptocurrencies in Brazil had reached the milestone of 1 million customers.
This number was reached in less than three weeks after the platform was made available to all bank clients at the end of June. In addition to Nubank, other companies such as 99Pay, Mercado Pago, and BTG Pactual are already active in the sector.
“This extraordinary achievement of 1 million customers in the crypto world in such a short time shows that we are on the right track, well positioned, and in line with our goal of democratizing cryptocurrencies and giving customers access to new financial opportunities,” commented Thomaz Fortes, Head of Crypto at Nubank.
Within the platform, which is already familiar to users of the “purple” app, it is possible to invest amounts starting from R$1 in Bitcoin and Ether, the two main cryptocurrencies on the market.
It’s all made possible through a partnership between the fintech and Paxos, a company specializing in blockchain infrastructure that acts as a liquidity provider and performs cryptocurrency custody.
The news adds to the narrative that cryptocurrencies are on the rise and increasingly embraced by the Brazilian public. In addition to Nubank, companies such as 99Pay and Mercado Pago have also decided to enter this market in the past year.
99PAY
At 99Pay, the fintech arm of the company consolidated by the Ride app, it is possible to invest in Bitcoin, Ether, SOL, MANA, and USDC from R$10. The intention was to use 99Pay’s “ability to break down barriers,” crypto chief, César Trevisan, said in an interview.
The company shared recent internal data showing that over 60% of users with crypto assets in 99Pay’s digital wallet made their first investment with the company. In the first half of 2022, 99Pay’s bitcoin trading volume growth was 68%.
According to Trevisan, “investments in cryptocurrencies have been made by millennials [people born between 1980 and the mid-1990s] who are more familiar with the digital environment,” but the company intends to change this scenario, starting with the reduction of the minimum investment from R$10 to R$1, which will begin in August.
MERCADO PAGO
Mercado Pago has already been offering to buy and sell cryptocurrencies since late 2021. You can invest in bitcoin, ether, and pax dollars on the platform, which also offers the service in partnership with Paxos. Pax dollar is a stablecoin with a value tied to the company’s dollar specializing in blockchain technology.
According to Ignacio Estivariz, senior director of digital accounts at Mercado Pago, the company already reached the milestone of 1 million users in February and believes that “this universe can be a financial development tool for Brazilians.”
BTG PACTUAL
In the banking sector, BTG Pactual was one of the first to enter the world of blockchain technology. The investment bank has been exploring this possibility since 2017 and in 2019 launched ReitBZ, the world’s first token to distribute dividends from real estate. Backed by the institution’s real estate assets, ReitBZ has already paid dividends to its investors in several profit distribution rounds.
It also distributes virtually all cryptocurrency-related ETFs and has three dedicated investment funds for bitcoin and ether exposure. They are BTG Pactual Bitcoin 20 FIC FIM IE, BTG Pactual Bitcoin 100 FIC END IE, and BTG Pactual Reference Ethereum 20 FIM.
Now, BTG Pactual is strengthening its participation in the cryptocurrency market with the launch of Mynt, a dedicated platform for buying and selling digital assets developed by the bank itself.
With information from Exame