Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, is now offering cryptocurrency trading to all of its 54 million customers. Nubank has bitcoin in its bank account.
Nubank’s Crypto Service Now Available to All Customers
Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency trading to all clients, according to its blog post, updated Monday. This bank has 54 million customers in Brazil, Mexico, Colombia, and Colombia.
“Nubank Cripto is the solution to buy and sell cryptocurrencies directly through the Nu app,” the bank wrote, adding:
All customers now have the option to purchase cryptocurrencies via Nubank. Make sure to update your app.
“To help you enter this universe more safely, we decided to offer, first, the largest cryptocurrencies on the market: bitcoin and ether,” the bank added.
Nubank clarified further:
Nubank has entered into a partnership to launch this exchange with Paxos. Paxos is a cryptocurrency-focused exchange.
In May, the crypto trading option was officially announced. This option was first launched in Brazil.
Nubank also announced in May that Nu Holdings, its parent company, has allocated “~1% of its balance sheet cash to bitcoin.”
Warren Buffett’s Berkshire Hathaway is a current shareholder of Nu Holdings. According to its 13F filing with the U.S. Securities and Exchange Commission (SEC), Berkshire’s holdings as of Dec. 31, 2021, included Nu Holdings shares worth more than $1 billion. Berkshire Hathaway invested $500 million into Nu Holdings last June, months before it went public.
Buffett recently stated that cryptocurrencies are not worth his investment because they don’t produce any value. Meanwhile, Berkshire Vice Chairman Charlie Munger believes that crypto is “stupid and evil.”
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