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Brazil’s Nubank Launches Crypto Trading Offers

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HIGHLIGHTS :

  • Nubank has started trading Bitcoin and Ether on its platform
  • All crypto-related transactions will be done on the bank’s app.
  • Bank says the number of cryptocurrencies to be traded will be increased

Nubank has started trading Bitcoin and Ether on its platform

Nubank, one of the largest Brazilian banks by market cap, has given a big indication of its confidence in the cryptocurrency segment. Nubank has started trading Bitcoin and Ether on its platform. To strengthen its position in the crypto segment, Nu Holdings, which runs the bank, has decided to allocate around one percent of its cash holdings to bitcoin.

All crypto-related transactions will be done on the bank’s app.

This is the first time that Nubank is offering crypto trading as part of its portfolio of services. Earlier the bank allowed its customers to invest in crypto only through exchange-traded funds. This bank was started about nine years ago. David Vélez, Co-Founder and CEO of Nubank, said, “There is no doubt that crypto is trending up in Latin America. We believe this will make a big difference. However, trading in this is still in its early stages as customers need to be able to There is no complete information about it or they are away from it due to poor experience.”

The bank has claimed to offer this service with complete security. All crypto-related transactions will be done on the bank’s app. For this, the bank has tied up with blockchain infrastructure provider Paxos. The bank says that the number of cryptocurrencies that can be traded will be increased later. Brazil last month passed the first bill to monitor the crypto segment. The aim of this bill is to bring this segment under the laws of the country. It has been sent to the Chamber of Deputies for approval. After this, it will become law with the signature of President Jair Bolsonaro. The regulatory framework for cryptocurrencies in Brazil may come into force by the end of this year.

Bank says the number of cryptocurrencies to be traded will be increased

Senate Chief Rodrigo Pacheco headed the committee that approved the bill. Under this law, there will be provisions for punishment and fines for those who misuse cryptocurrencies. Violators of this law can be imprisoned for four to eight years. In Brazil last year around 10 million people were estimated to have cryptocurrencies.

The bank has claimed to offer this service with complete security. All crypto-related transactions will be done on the bank’s app. For this, the bank has tied up with blockchain infrastructure provider Paxos.

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