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Nubank Taps Paxos To Cater To Latin America's Growing Thirst For Crypto Trading

In partnership with regulated blockchain infrastructure provider Paxos, Nu Holdings’ (NYSE: NU) Nubank announced its entry into crypto trading with a simple and safe in-app experience.

The development comes as the digital bank looks to cater to the demand for cryptocurrency in Latin America.

Out of the gate, Nubank’s 50 million customers in Brazil will be able to buy, hold and sell Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Additionally, the firm announced the purchase of Bitcoin equivalent to ~1% of its balance sheet cash.

Why It Matters: “There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region,” said David Vélez, CEO and founder at Nubank.

“At Nubank, we aim to empower our customers by putting them in control of their money. Therefore, we built an experience that was simple and intuitive enough to broaden access to new segments while being robust and powerful for the more crypto-savvy.”

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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