Warren Buffett-Backed Nubank Now Offers Crypto Trading to 54 Million Customers – Featured Bitcoin News
Warren Buffet-backed Nubank, one of the world’s largest digital banking platforms, is currently offering cryptocurrency trading to all of its 54 million customers. Nubank also holds bitcoin on its balance sheet.
Nubank’s e-money service is now available to all customers
Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency trading to all customers, according to its blog post, updated Monday. The bank serves approximately 54 million customers across Brazil, Mexico and Colombia.
“Nubank Cripto is a solution to buy and sell cryptocurrencies directly through the Nu app,” the bank wrote, adding:
The option to purchase crypto through Nubank is now available to all of our customers. Update your application.
“To help you enter this universe more securely, we first decided to offer the largest cryptocurrencies on the market: bitcoin and ether,” the bank added.
Nubank further clarified:
For this launch, Nubank partnered with Paxos, an exchange that specializes in cryptocurrencies.
Cryptocurrency trading options are announced in the May. It was first launched in Brazil.
Nubank also announced in May that Nu Holdings, its parent company, has allocated “~1% of the cash on its balance sheet to bitcoin.”
Warren Buffett’s Berkshire Hathaway is the current shareholder of Nu Holdings. According to its 13F filing with the U.S. Securities and Exchange Commission (SEC), Berkshire’s holdings as of December 31, 2021, including Nu Holdings stock, are worth more than $1 billion. Berkshire Hathaway also invested $500 million in Nu Holdings last June, months before the company went public.
However, Buffett recently said that he wouldn’t invest in cryptocurrencies because they don’t produce anything. Meanwhile, Berkshire Vice Chairman Charlie Munger believes that cryptocurrencies are “stupid and evil.”
What do you think about Warren Buffett-backed Nubank making crypto available to all customers? Let us know in the comments section below.
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