Nubank, a Brazilian megabank, has recently launched withdrawal services for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), signaling a bullish move from the neobank. The bank announced on its community page that customers can now send and receive cryptoassets from their app-based wallets. While initially allowing withdrawals for Bitcoin, Ethereum, and Solana, Nubank plans to add support for more cryptoassets in the near future. Customers have responded positively to this news, with some even considering Nubank to be turning into a crypto exchange of its own. The addition of new coins to the service is expected to happen in the coming weeks.
Nubank is currently the largest neobank in Latin America, boasting 80.4 million customers in Brazil and significant customer bases in Mexico, Colombia, and other LATAM countries. Its operator, Nu Holdings, achieved a $45 billion valuation when it launched on the New York Stock Exchange in December 2021. The company has been steadily expanding its wallet services, offering buy and sell functions for Bitcoin and other coins through its app. With around 20 million crypto wallet-holding customers, Nubank has been adding support for various altcoins since its initial entry into the crypto space. The bank’s latest move to allow withdrawals and its intention to buy BTC using its balance sheet demonstrate its commitment to the crypto market.
In addition to launching the Nucoin token in collaboration with the Polygon network as part of a revamped loyalty program, Nubank has also announced partnerships with other crypto firms. Last year, the bank revealed plans to list Polygon (MATIC) and Uniswap (UNI) coins. In December, Nubank announced a partnership with Circle, the US-based company behind USD Coin (USDC). Warren Buffet, a prominent investor, holds a $500 million stake in Nubank through his investment vehicle, underscoring the bank’s status within the financial industry.
Nu Holdings, the parent company of Nubank, is heavily investing in its Mexico subsidiary, with $100 million pumped into the business, bringing the total investment in Latin America’s second-largest economy to $1.4 billion. This investment signifies Nubank’s commitment to expanding its presence in the region and its belief in the potential of the Mexican market. As the world’s largest standalone digital bank, Nubank’s strategic investments and partnerships in Latin America and beyond position it as a key player in the global financial landscape. The bank’s innovative approach to fintech and its foray into the crypto market highlight its determination to stay ahead of the competition and provide cutting-edge financial services to its customers.
