Nubank, one of the world’s largest Warren Buffett-backed digital banking platforms, currently offers cryptocurrency transactions to all 54 million customers. Nubank also holds bitcoin on its balance sheet.
Nubank’s crypto services are now available to all customers
Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency transactions to all its customers, according to a company blog post updated Monday. The bank serves approximately 54 million customers in Brazil, Mexico, and Colombia.
“Nubank Cripto is our solution for buying and selling cryptocurrencies directly through the Nu app.” the bank wrote, adding.
The option to buy cryptocurrency through Nubank is now available to all customers. Please update your app.
“In order to enter this world more safely, we decided first to offer Bitcoin and Ether, the largest cryptocurrencies on the market,” the bank added.
Nubank further clarified.
For the launch, Nubank has entered into a partnership with Paxos, an exchange specializing in cryptocurrencies.
The crypto trading option was announced in May. It was first launched in Brazil.
Nubank also announced in May that its parent company, Nu Holdings, has “allocated ~1% of its balance sheet cash to bitcoin.”
Warren Buffett’s Berkshire Hathaway is now a shareholder in Nu Holdings. According to a 13F filed with the U.S. Securities and Exchange Commission (SEC), Berkshire’s holdings as of December 31, 2021, included shares of Nu Holdings worth more than $1 billion. Berkshire Hathaway also invested $500 million in Nu Holdings last June, months before the company went public.
However, Buffett has recently said that he will not invest in cryptocurrencies because they produce nothing. Meanwhile, Berkshire Vice Chairman Charlie Munger believes crypto is “stupid and evil.”
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