Nubank announced that it has partnered with Paxos. In May-July, digital bank customers in Brazil will be able to buy, sell and store Bitcoin and Ethereum.

Minimum transaction amount will be 1 BRL (~$0.195).

In the future, it is planned to expand the list of supported cryptocurrencies. Educational resources will be launched to increase the validity of investment decisions.

Nu Holdings, which also controls neobank, will use 1% of its net assets to purchase bitcoin as a reserve asset.

“Cryptocurrencies are becoming increasingly popular in Latin America and are transforming the region. We have created a secure, simple and intuitive interface to access new assets.” David Velez, CEO and founder of Nubank, said in a statement:

In September 2020, Nubank acquired investment platform Easynvest. In May 2021, the Central Bank of Brazil approved the merger, and on June 2, the parties closed the deal.

At the time of the acquisition, Easynvest was managing $5 billion in assets and had 1.6 million customers. Renamed NuInvest, the platform offers investments in digital assets through funds and ETFs.

Prior to Nubank, he provided infrastructure solutions for Paxos, Interactive Brokers, Mercado Libre, Mastercard to enter the cryptocurrency market. The company estimates that around 500 million people have accessed a new asset class thanks to its efforts.

Recall that in September 2021, investment bank BTG Pactual in Brazil announced the launch of a trading platform focused on digital assets. Its partner is the Gemini bitcoin exchange.

Earlier, the head of the Central Bank of Brazil, Roberto Campos Neto, spoke in favor of creating a regulatory framework for the crypto industry.

The country has become the second country in the world to register a bitcoin ETF.