Brazil's Largest Digital Bank Allows its Nearly 54 Million Customers to Buy Bitcoin

Photo: Divulgação/ Nubank

Brazil's largest digital bank, Nubank, has made it possible for all of its 53.9 million customers to buy Bitcoin. The option will be rolled out in stages to ensure the process runs smoothly.

In a post, Nubank, the largest digital bank in Brazil, announced that it has made it possible for all of its 53.9 million customers to buy Bitcoin. All bank customers now have access to the “Nubank Crypto” tab where they can trade Bitcoin.

“The option to buy cryptocurrencies through Nubank is now available to all our customers. Update your app,” the updated blog post reads.

Bitcoin Magazine tested the new feature and shared its experience. According to the crypto publication, Nubank charges a small fee for each buy or sell operation, which, despite varying, hovers around 0.02%. The app also displays educational content in the Crypto section, providing information about what Bitcoin is to novice investors.

“The first cryptocurrency to exist,” Nubank’s app says as the user navigates to the page to buy BTC. “Bitcoin was created with the intention to decentralize the financial system and influenced all the other cryptocurrencies since then. Generally, people compare Bitcoin to gold and tend to store it for the future.”

Unicorn startup Nubank is the most popular digital bank in Brazil and is backed by Warren Buffett's Berkshire Hathaway. According to a CNBC report, the holding company invested $500 million in Nubank in June 2021, purchased 30 million shares for $250 million when it went public in December, and recently doubled its investment with a $1 billion investment.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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