The Brazilian digital bank reported that it will be possible to buy and sell cryptocurrencies, specifically Bitcoin (BTC) and Ethereum (ETH) from its application.
Nu Holdings Inc., Warren Buffett's Berkshire Hathaway Inc.-backed digital bank, partnered with PAXOS TRUST Co. to enable its 53 million customers to store, buy and sell crypto assets.
Nubank said this new service is in the testing phase and will be available to a select group of customers for now. PAXOS announced that the service is available from May 12 for users in Brazil and will reach the rest of Nubank's customers at the end of July.
According to Exame, Brazilian Fintech will invest 1% of its capital in Bitcoin to "reinforce the company's conviction in the current and future potential" of the asset.
Nu was born in 2013 with the mission to fight complexity to empower people in their daily lives by reinventing financial services in a Nu way. Through innovative technology, data and thoughtful customer service, Nu aims to have a positive impact in the lives of millions by financially including the unbanked population and better serving the served and underserved.
Paxos is redefining financial infrastructure. Our blockchain solutions tokenize, custody, trade and settle assets for enterprise clients, enabling the trustworthy and instantaneous movement of any asset at any time. As the economy evolves more rapidly than ever before, we are committed to the innovation that will make its new financial system a reality – and by working within regulatory frameworks, we're creating an ecosystem built with integrity.
Disclaimer: The information provided in this section does not represent investment advice. Sources: PAXOS, Nu, Exame