Brazil Neobank decided to list Nubank polygon (matic) And Uniswap (UNI) Its banking app has been met with enthusiasm from the crypto community.
NuBank first began its crypto pivot in mid-2022, when it announced it would Buy bitcoin (BTC) using its balance sheet, The company claimed that it would invest 1% of its portfolio Bitcoin through its holding company.
The firm has also updated its app with functions that allow its users to hold, buy and sell bitcoins. Ethereum (ETH),
And MATIC’s move could be in the pipeline for some time. In October last year, the company announced that it was working on a plan to launch its own coin – dubbed Nucoin.
The banking company said it intends to circulate its token to customers “in the first half of 2023” – and will use it as part of its loyalty program.
talking to time On January 15, David Velez, founder and CEO of NuBank, said:
“My biggest push as a leader will be to increase the speed and quality of execution across the organization while increasing motivation and engagement.”
This “speed of execution” seems to have grown exponentially in the crypto sphere. The company has grown from a zero base to a significant domestic crypto player in mere months.
More Crypto Adoption in Brazil as Nubank Eyes Market
While it may take some time to see whether NuBank customers take to this new selection of altcoins, it is perhaps significant that the bank is continuing its adoption drive while many other crypto-only firms are scaling down their operations. Have been
As things stand, major Latin American crypto players such as Mexico’s Bitso and Brazil’s Mercado Bitcoin continue to dominate the regional crypto markets.
14-day trading volume at Bitso, one of the largest crypto exchanges in Latin America. (Source: CoinGecko)
But NuBank’s supporters include people like Warren Buffet, whose investment firm bought a $500 million stake in the firm in June 2021. To the chainsawNuBank is “currently valued at US$45 billion, making it the second most valuable virtual bank in the world.”
The bank reportedly has over 65 million users – and is eyeing more overseas expansion in the near future.
Late last year, outgoing President Jair Bolsonaro signed a major crypto bill that originated in the Senate. Among other things, the law Effectively legalizes crypto as a form of payment in the country – Paving the way for further adoption of private sector.
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