Nubank, cooperates with Paxos

Nubank, cooperates with Paxos

 The largest digital bank in Brazil and Latin America, Nubank, has partnered with Paxos to provide services for buying, selling and storing cryptocurrencies directly through its bank. In addition to launching a new cryptocurrency transaction service, Nubank also announced it would allocate around 1 percent of its net assets to Bitcoin (BTC) through Nu Holdings, the company that controls the Nubank Group. 

"This move strengthens the company's belief in Bitcoin's current and future potential in disrupting financial services in the region," Nubank said. According to a statement from Nubank, Bitcoin and Ethereum purchases can be made from US$0.20, which will become available this month. The crypto investment service will be fully implemented by the end of June. Nubank founder and CEO David Velez said, "Nubank believes there is transformational potential in the Latin American region.

 “There is no doubt that cryptocurrencies are a growing trend in Latin America. We have been following the market closely and we believe that there is transformational potential in the region.” explained David Velez. The digital bank also informs that integration with cryptocurrencies aims to expand and improve access to today's emerging markets, eliminating the difficulty for customers to buy, store and sell digital currency through the application without the need to open a new account or transfer cash. 

Nubank also plans to expand its services, not only offering BTC and ETH in the future, but the company did not specify which digital currencies it will add. Through a suite of APIs, Paxos will enable Nubank to offer crypto-enabled services to customers, as Mercado Livre and Paypal did in their partnership with Paxos. 

Nubank reportedly has more than 50 million customers in Brazil. According to Paxos, this partnership is an important strategic step as cryptocurrency is predicted to continue to show growth in Latin America.

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