Nubank, Latin America’s largest digital bank, announced a partnership with Paxos to allow Paxos clients to purchase, sell, and store bitcoins directly through Nubank. Nubank said that it would dedicate around 1% of its net assets to Bitcoin (BTC) through the cashier of Nu Holdings. This business manages the Nubank Group in conjunction with the new cryptocurrency transaction services launch. The integration with cryptocurrencies, according to Nubank, intends to increase and improve access to this expanding market by removing the complexity and friction for clients to buy, hold, and trade digital currencies using the app without having to register new accounts or transfer cash. The company acknowledged expanding its products beyond BTC and ETH but did not specify which assets would be included. Paxos will enable Nubank to deliver crypto-enabled services to consumers through APIs, similar to what Mercado Livre and PayPal do in cooperation with Paxos. In Brazil alone, Nubank is reported to have more than 50 million customers. Paxos claims that its relationship with the digital bank is a key strategic step as Latin America develops as a crypto hub. Bitcoin and Nubank Although this is the first time Nubank has made BTC and ETH available for purchase outright, the bank is no stranger to digital assets. Customers can already buy investment funds with exposure to the digital asset market through Nulinvest, a platform Nubank acquired in...
