Brazilian challenger bank Nubank has acquired 1 million bitcoin users in Brazil since launching its cryptocurrency offering at the end of June. The milestone achievement came three weeks after Neobank made Bitcoin and Ethereum available to all its 60 million users.
In an interview with the Brazilian website Neofeed, David Vélez, the CEO and co-founder of Nubank, stated that attaining 1 million cryptocurrency users was a goal for a year from now. He added that the objective was to increase the use of its mobile app for accessing crypto-assets.
Although Nubank did not disclose the total amount invested in cryptocurrencies via the app or the average amount spent by buyers, they promised that more currencies would be added to the crypto offering.
According to Velez, “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. 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.”
The product is operated by Paxos, a blockchain infrastructure company that serves as a liquidity provider and manages cryptocurrency custody. Also, the company is in charge of the global security of clients’ assets. Customers can trade cryptocurrencies for a 0.12% commission with a BRL 1.00 ($0.20) minimum order and no additional spreads, markups, or custody fees.
“Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant because it is a market with complex systems that make it difficult for people interested in taking their first steps to join,” the head of Nubank’s cryptocurrency division, Thomaz Fortes, explained in a statement.
Nubank reported a loss of $13 million in the first quarter of this year, compared to an adjusted profit of $10 million since its inception in 2014. In addition, the fintech firm received a $400 million investment last year, making it one of Latin America’s top five most valuable financial organizations.
“Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant because it is a market with complex systems that make it difficult for people interested in taking their first steps to join,” the head of Nubank’s cryptocurrency division, Thomaz Fortes, explained in a statement.
Ever since it entered the market in 2014, Nubank has reported a loss of $13 million in the first quarter of this year, compared to an adjusted profit of $10 million. Also, the fintech company secured a $400 million investment last year, making it one of Latin America’s top five most valued financial organizations.
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