Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, is now offering cryptocurrency trading to all of its 54 million customers. Nubank also has bitcoin in its balance sheet.
Nubank’s Crypto Service Now Available to All Customers
Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency trading to all clients, according to its blog post, updated Monday. It serves approximately 54 million clients in Brazil, Mexico and Colombia.
“Nubank Cripto is the solution to buy and sell cryptocurrencies directly through the Nu app,” the bank wrote, adding:
All our customers have the ability to buy cryptocurrency through Nubank. Make sure to update your app.
“To help you enter this universe more safely, we decided to offer, first, the largest cryptocurrencies on the market: bitcoin and ether,” the bank added.
Nubank also clarified:
Nubank has partnered up with Paxos, an exchange that specializes on cryptocurrency, to launch the project.
In May, the crypto trading option was officially announced. It was first launched in Brazil.
Nubank also announced in May that Nu Holdings, its parent company, has allocated “~1% of its balance sheet cash to bitcoin.”
Warren Buffett’s Berkshire Hathaway is a current shareholder of Nu Holdings. According to its 13F filing with the U.S. Securities and Exchange Commission (SEC), Berkshire’s holdings as of Dec. 31, 2021, included Nu Holdings shares worth more than $1 billion. Berkshire Hathaway invested $500 million in Nu Holdings during June 2017, months before the company went publicly.
Buffett said recently that he won’t invest in cryptocurrency because they don’t produce anything. Meanwhile, Berkshire Vice Chairman Charlie Munger believes that crypto is “stupid and evil.”
