Cryptocurrency

Brazil’s Nubank Gains 1M New Crypto Users in Just 2 Months

For an exclusive in-app cryptocurrency trading experience, the New York-based exchange and stable coin issuer have collaborated with Nubank, owned by Bitcoin critic Warren Buffet. Customers of the US-listed broker may now purchase, hold, and sell a selected group of crypto assets, including Bitcoin, Ethereum, Bitcoin Cash, and Lite coin.

The value proposition of Nubank is to eliminate complexity, penetrating all of its products. This is particularly important in crypto activities since it is a market with complicated processes that make it challenging for newcomers to understand.

With a BRL 1.00 (around the US $0.20) minimum per order, Nubank clients can trade cryptocurrencies using Paxos for a commission of just 0.12 percent to 0.18 percent of the trade amount. Additionally, there are no additional markups, spreads, or custodial costs. Beginning this month, consumers in Brazil will progressively have access to the crypto functionalities, which are expected to be available to all customers by the end of July 2022.

Cryptocurrency is undoubtedly a developing trend in Latin America that will fundamentally change the continent. However, the trading experience is still quite specialized since either clients lack the knowledge to feel secure entering this new market, or they just become annoyed by the complicated ways. The CEO and founder of Nunbank stated that despite being powerful for those more knowledgeable about cryptocurrencies, he wants to increase access to new segments.

Because Nubank is known for catering to customers with higher levels of sophistication, the company’s entry into the digital asset area is notable. In 2021, the fintech company made its debut on the New York Stock Exchange in a listing that established its value at $52 billion, making it Latin America’s most valuable financial institution. The company’s 50 million customers make it one of the largest digital banks in the world.

Even though Nubank’s share price has dropped significantly since then, the firm is in a strong position for expansion, given that Brazil’s crypto industry alone represents more than a fifth of the $500 billion market in Latin America.

Paxos can provide a variety of goods thanks to its status as a registered financial services corporation in the United States. These products include cryptocurrency trading and settlement, as well as custody services. Additionally, the company can issue tokenized securities and allow its users access to the conventional banking system.

The unique position has enabled Paxos to sign significant corporate clients, such as Interactive Brokers, Revolut, Crédit Suisse, Société Générale, and StoneX. Additionally, it has formed a partnership with Binance, the most crucial cryptocurrency exchange in the world, to obtain the authorization required by the New York regulator to establish a USD-backed stable coin.

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Techjuice Team

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