Nubank, Brazil’s largest digital bank, will soon be able to buy Bitcoin and Ethereum for its customers. Net banks have hinted at adding more cryptocurrencies in the future.
Nubank, Brazil’s largest bank, will soon offer Bitcoin and Ethereum transactions. The bank announced on May 11 that customers can buy two cryptocurrencies for a minimum price of 1 Brazilian real.
Customers can purchase these assets from their existing accounts without having to open a special account. This makes it easier to enter the market. Banks also said they may add new crypto assets in the future. As with many other existing financial institutions in the past, Paxos will be a process facilitator.
David Vélez, CEO and co-founder of Nubank, said cryptocurrencies are becoming more popular and have the potential to transform.
“Cryptocurrencies are a growing trend in Latin America. We are closely tracking the market and believe that the region has potential for change.”
Nubank is Latin America’s largest fintech bank, offering many innovative products and services as an online bank. It is operated by several companies and its investors include Sequoia Capital and Berkshire Hathaway. It has allowed customers to previously invest in cryptocurrencies via ETFs.
Cryptocurrencies are popular in Latin America. Some countries are more willing to allow cryptocurrencies to exist than others, but more banks are steadily warming up to crypto ideas.
Trading between Nubank Bitcoin and Ethereum manifests itself as market bleeding
Banking decisions are made when the market is experiencing a severe recession. Ethereum has fallen to the $ 1,800 level, while Bitcoin has fallen below $ 27,000.
But what Bitcoin has fallen below its critical psychological level is the fact that LUNA has undergone a dramatic plunge with the associated algorithm Stablecoin UST. The latter fell sharply from the $ 1 peg and fell to a low of $ 0.30, despite the Luna Foundation Guard’s efforts to maintain it. Luna co-founder Dokwon recently unveiled further plans to save the ecosystem.
It’s not a fun time for market investors and businesses launching crypto-related products and services. Australia launched its first Bitcoin ETF on May 12, just as the market is experiencing a serious fall.
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