Brazilian Fintech Giant Nubank Set to Introduce Crypto Withdrawals
Nubank, the Brazilian neobank valued at over $25 billion, has announced that it will be allowing its customers to make cryptocurrency withdrawals from its platform starting next year. This move comes as a response to growing demands from the Brazilian Bitcoin community.
Previously, Nubank customers were only able to buy Bitcoin (BTC) on the platform but were unable to use the bank’s app to pay in cryptocurrency. This sparked frustration among users, with many voicing their concerns about the lack of flexibility and options.
Nubank has been gradually expanding its crypto offerings, adding various altcoins to its platform. However, these digital assets could only be traded or sold for fiat currencies, and users were unable to transfer them to other wallets or use them for payments.
In a recent statement, a Nubank spokesperson confirmed that the bank will introduce support for USD Coin (USDC) pairings after entering into a partnership with Circle, the operator of USDC. The addition of USDC is expected to cater to the growing demand for stablecoins among Brazilian users.
Thomaz Fortes, the Executive Director of Nubank Cripto, the bank’s crypto division, emphasized the aim to provide more options and flexibility to users. He hinted at future integrations of Nubank Cripto with other services available on the app.
This move by Nubank follows the recent launch of a new crypto trading service by Itaú Unibanco, Brazil’s largest private bank. It indicates the increasing interest of traditional banking institutions in embracing the world of cryptocurrencies.
As the cryptocurrency market continues to gain momentum worldwide, Brazilian financial institutions are slowly but surely recognizing the potential of digital assets and are taking steps to meet customer demand.