Nubank, a financial institution in Latin America supported by Berkshire Hathaway, has enhanced its crypto offerings by adding Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) to its platform. With these additions, Nubank Cripto now offers a total of 20 coins to its 100 million clients in Brazil, complementing existing options such as Bitcoin (BTC), Ether (ETH), Solana (SOL), USDC, and XRP.
The firm has been reportedly engaged in digital assets since 2022, allocating 1% of its net assets to Bitcoin and offering crypto services. They planned to launch loyalty tokens on the Polygon blockchain in October 2022, but this initiative was discontinued in 2024. Despite this, Nubank’s foray into crypto aligns with the rapid growth of Brazil’s cryptocurrency market, which is the largest in Latin America, boasting a GDP of approximately $5.4 trillion in 2024. Notably, stablecoins make up 90% of all crypto transactions in Brazil, and the country led the region in crypto trading volume with $6 billion in 2024. Additionally, Brazilian lawmakers are exploring the possibility of allowing salary payments in Bitcoin.
Nubank faces increased competition in Brazil’s crypto market, particularly from Binance, which obtained a broker-dealer license in January 2025, and UK fintech Revolut. Despite this competition, Nubank has experienced significant growth, with quarterly revenue rising by 1124% in under four years. By the end of 2024, its revenue reached nearly $3 billion, up from $245 million in Q1 2021.
Warren Buffett’s Berkshire Hathaway has invested in Nubank multiple times, including $500 million in 2021 and an additional $1 billion later. From 2022 to 2024, Berkshire increased its ownership stake in Nubank from 0.1% to 0.4%. In Latin America, the popularity of stablecoins like Circle’s USDC and Tether’s USDT is increasing due to economic instability, with stablecoins accounting for 39% of all cryptocurrency transactions on the Bitso platform in 2024, up from 30% in 2023.
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