Nubank, the Brazilian digital bank has reached a milestone. It announced it had reached 70 million Latam customers, which makes it the largest financial institution of its type in Brazil. A total of 2,000,000 customers have become cryptocurrency investors, according to the company.
Nubank reaches 70 million customers; crypto customers reach 1.8million
Because of its special circumstances, Latam is a fertile ground to provide alternative financing and crypto-based services. Nubank, the Brazil-based digital Neobank, recently announced that it has reached 70 million customers. These customers are mostly based in Brazil, which is not surprising. But, the Neobank is also able to expand into markets like Mexico (where it has 3.2million customers) and Colombia (with 400,000 customers).
Money Boxes are the products that saw the greatest growth. These investment options and planning tools have more than 1.7million users. Nubank’s cryptocurrency division has also been a key driver of its growth. Customers can use the app to buy, sell, and hold digital assets. According to a press release, more than 1.8 million customers have already made at least one cryptocurrency purchase using Nubank’s app.
David Velez founder and CEO of Nubank spoke out about Nubank’s growth and services.
Our rapid growth can be attributed to our ongoing pursuit of efficiency. It balances expansion, new product launches, and revenue per customer. Nubank will be a long-term project. We remain committed to our goal of removing all complexity from financial services in Brazil and Mexico.
Brazil: Crypto Market thrives
In June, the company launched cryptocurrency trading services to more than 54,000,000 Brazilian customers. It also holds bitcoin in its balance sheet. This announcement opened the floodgates for more companies in Brazil to follow in Nubank’s footsteps and also enter the cryptocurrency services market.
Mercado Libre is a e-tailer that began offering cryptocurrency services in 2017 and has recently created its own cryptocurrency called Mercadocoin. Rico, a financial platform offering cryptocurrency services, has also been following suit. Picpay, which is a payments platform, will soon offer its own Brazilian stablecoin.
Traditional banks such as Santander announced that they would include cryptocurrency into their service portfolios in the next few months. The Brazilian Congress has not yet discussed the Brazilian national cryptocurrency bill because of election-related issues. Crypto is therefore still not being regulated.
How do you feel about Nubank’s crypto-powered growth in Brazil? Leave a comment below.
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