Berkshire Hathaway Invests $500 Million in Brazilian Digital Bank PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Berkshire Hathaway Invests $500 Million in Brazilian Digital Bank

Berkshire Hathaway Invests $500 Million in Brazilian Digital Bank PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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Warren Buffett’s Berkshire Hathaway announced that it has invested nearly half a billion USD in Latin America’s largest financial technology bank, Nubank. Headquartered in São Paulo, Brazil, Nubank is a private digital bank, catering to around 40 million customers at present.

Berkshire Hathway Funds Digital Bank that Plans on Offering Bitcoin Investment

Interestingly, Nubank, the financial institution that received $500 million from Berkshire Hathaway, had acquired brokerage firm Easynvest recently. Together, the two entities plan on offering investments in Bitcoin exchange-traded funds to customers. 

Easynvest already had an ETF in place for investors. According to a broker, the Bitcoin ETF at Easynvest “works like a normal ETF, but as an underlying asset of the currency price. That is, the Bitcoin ETF follows the asset’s price. It is a simpler and even safer way to invest in cryptocurrency.”

The deal was in the works since late 2020 and was finalized earlier this year.

Warren Buffett is a Known Critic of Cryptocurrencies

This isn’t Buffett’s first investment in a financial firm. The billionaire has pumped cash into traditional banks and insurance companies on many occasions in the past. But for those who’ve been following Buffett in the media, the announcement about Nubank comes as a surprise. The business magnate is a well know Bitcoin critic. A few years back, he equated the cryptocurrency with “rat poison” during an interview.

Nevertheless, crypto influencers have been trying to get Buffett’s attention towards the booming market. In January 2020, Justin Sun, CEO of TRON foundation invited Buffett for lunch along with several prominent figures from the crypto industry, including Litecoin creator Charlie Lee and eToro founder Yoni Assia.

After the lunch, which is reported to have cost $4 million, Sun tweeted that he gifted a smartphone with a preinstalled wallet carrying some BTC and TRX to Buffett.

So far, the investment in Nubank has had little impact on Berkshire’s class B shares.

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#Berkshire Hathaway #Digital Bank #Nubank #Warren Buffett

Source: https://www.cryptoknowmics.com/news/berkshire-hathaway-invests-500-million-in-brazilian-digital-bank

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