Nubank Brazil’s Digital Bank Achieved its Peak

• Nubank allows users to buy and sell BTC and ETH.
• Nubank also aims to set foot in the tokenization market.

On July 26, Brazil-based digital bank Nubank revealed that one month after launching its cryptocurrency services, it has acquired 1 million users on its crypto trading platform. The platform that enables the buying and selling of BTC and ETH using the trading and custody services provided by the Paxos blockchain technology.

In May, the business declared that, as a sign of its faith in cryptocurrencies, it would allocate around 1% of the cash on its income statement to bitcoin.

Thomaz Fortes, leader of Nubank’s crypto area said,

“Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant since it is a market with complex systems that make it difficult for people interested in taking their first steps to join”

The tokenization market is an aim for Nubank as well. The bank plans to provide a new asset tokenization platform that will convert standard financial assets into tokens, according to Nubank CEO David Vélez’s comments to Brazilian media source NeoFeed on Tuesday.

Recently, several significant fintech players have also entered the cryptocurrency market. PicPay, a Brazilian financial company with over 30 million active users, stated in July that it would be launching a cryptocurrency exchange and a stablecoin, related to Brazilian real estate in 2022.

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