Last Updated: 28 July 2022
Brazil’s neobank Nubank has welcomed as many as 1 million new users in the first month after launching its trading platform. In June, the online bank launched Nucripto, the place for crypto trading.
— Jamie J (@AQ4_AQ4) July 27, 2022
Neo and bitcoin bank
It has been a great success so far. It was expected that it would take a year to reach 1 million registrations. Within a month, this milestone has already been reached.
CEO and co-founder David Vélez says they are extremely impressed with the growth.
“Moreover, the rapid acceptance of Nucripto by users is a testament to the company’s goal of democratising cryptocurrencies and providing customers with new financial opportunities.”
On the platform, the bank’s customers can buy bitcoin and Ethereum. The minimum amount is 1.00 Brazilian real, which amounts to $0.19.
The application was launched in May and has been available to Nubank’s 45 million customers since June. The fintech company has converted 1% of its money to bitcoin “as a show of confidence in digital currency.”
One of the investors in the bank is Berkshire Hathaway, the investment behemoth of Warren Buffet. Berkshire put $1 billion into Nubank last year. Buffett, for his part, is not a fan of bitcoin at all. One of his most famous statements is that it is “rat poison squared.”
It is an interesting dynamic where innovative companies choose bitcoin, but the lender behind it, in this case, Nubank, does not like it.
Bitcoin seems to be gaining traction in Brazil. The payment app PicPay with 65 million users, is also working on bitcoin, while Rio de Janeiro also keeps bitcoin in its municipal coffers. Other big names such as e-commerce company MercadoLibre and the private bank Itaú Unibanco are also working on bitcoin.