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Brazil-based fintech giant Nubank (NYSE:NU) has enabled its users to trade bitcoin (BTC-USD) and ethereum (ETH-USD) on its platform, according to a release Wednesday. The trading capabilities are powered by Paxos, a blockchain infrastructure platform.
The new service will be progressively available for customers in Brazil starting in May, with goals to reach its entire customer base by the end of July, Nubank said.
Nubank (NU), which has more than 50M customers in Brazil, said it will look to “do frequent curation to add more” cryptocurrencies in the future as part of its efforts to push further into the decentralized space.
In addition, Nu Holdings (NU), the parent company of Nubank, said it will allocate around 1% of cash on its balance sheet to bitcoin (BTC-USD).
Furthermore, “there is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region,” said NuBank CEO and Co-founder David Vélez. “Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences,” he added.
Speaking of crypto, bitcoin (BTC-USD -5.8%) is catering to $29K over the past 24 hours, while ether (ETH-USD -9.8%) drops to $2.08K amid a broader selloff in risk assets.
In the beginning of April, Moffett Nathanson picked Nubank as a Buy.
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