Brazil’s largest digital bank launches Bitcoin and Ethereum trading

RIO DE JANEIRO, BRAZIL – On its website, Nubank informed that it would be possible to buy and sell Bitcoin and Ethereum from its application. It will rely on the infrastructure of Paxos, which will provide the custody and trading service.

Users will be able to buy and sell cryptocurrencies with Brazilian reais. Initially, they will not be able to withdraw or deposit their crypto-assets because, for now, the option to buy cryptocurrencies is in the testing phase, only available to a group of clients.

According to its press release, the offer will be available to the public from May 12 and will gradually be expanded to cover its entire customer base in Brazil, which they plan to achieve by the end of July.

Nubank details that it decided to enter this “universe” of cryptocurrencies with which they cover 60% of the market and does not rule out adding support for other crypto-assets in the future.

According to the company, customers will not need to open new accounts to trade cryptocurrencies; they will use their current accounts.

To trade Bitcoin or Ethereum, Nubank users will only have to go to the “Crypto” section, which will appear on the application’s main screen, where they will be able to select the option of their choice between buying and selling.

According to the company, it will be possible to invest from R$1 (US$0.19) and does not require users to pay a minimum entry fee.

The largest Brazilian fintech acquired Easynvest, a platform that has actively offered the first bitcoin ETF in Latin America, in September 2020.

In February this year, Warren Buffett, one of the world’s richest men, invested US$1 billion in Class A shares of Nubank, with which the bitcoin critic now indirectly seems to give the nod to the pioneering cryptocurrency.