Nubank, Brazil’s biggest digital bank, has made it possible to buy bitcoins for all of its 53.9 millions customers.
, the Warren Buffett-backed fintech, announced the feature in May via a blog post. It explained how the feature would be implemented in phases. The company also allocated bitcoin treasury funds at that time.
Monday’s update to the blog post reflects the new status. All Nubank customers have now access to the Nubank Crypto tab, where you can negotiate bitcoin.
All customers now have the option to purchase cryptocurrencies through Nubank. The blog post has been updated.
Nubank Crypto section allows users to instantly buy and sell bitcoins. This is the most popular banking platform in Brazil for 2021. Customers can now acquire Bitcoin, but they cannot withdraw the coins purchased to an external wallet.
Bitcoin Magazine tried the new feature Tuesday.
Nubank charges a small commission for every buy or sale operation. This fee, although it can vary, is usually around 0.02%. Additionally, the app offers educational content in the Crypto section that explains bitcoin to novice investors.
As the user navigates to the page to purchase Bitcoin, Nubank’s app declares that it is the “first cryptocurrency to exist.” “Bitcoin was founded with the intent to decentralize financial systems and has influenced all other cryptocurrencies ever since. People often compare Bitcoin to gold, and they tend to store it in the future.
Nubank, a Unicorn-backed digital bank, is Brazil’s most popular. Warren Buffett’s Berkshire Hathaway has backed the fintech and it went public on Nasdaq in recent days.
According to a report, Nubank was acquired by the holding company for $500 million. It also purchased 30 million shares at $250 million. In December, it went public. The company recently doubled down with a $1 billion Brazilian fintech investment.
Nubank joins the race for Brazilian bitcoin investors. Banks compete to offer the best services in cryptocurrency. With their plans to offer Bitcoin services for consumers, investment banks like XP Investmentos and TG Pactual have increased their focus on this sector.
Brazil’s cryptocurrency market is preparing for a new set of rules that will govern the activities of custodians and exchanges in the country. In the next few weeks, the overhaul cryptocurrency bill will be up for vote in the House of Representatives.