Nubank's customers will be able to buy and sell Bitcoin (BTC) and Ethereum through their bank accounts. Nubank, which facilitates cryptocurrency trading, also hinted that it will increase the number of cryptocurrencies that can be traded within its body.
Blockchain infrastructure of the service to be provided by the digital bank will be provided by Paxos. The bank stated that the crypto money trading, which it planned to start gradually in May, will be available to all customers as of June.
Nubank CEO David Velez said that cryptocurrencies have a growing trend in Latin America and that these assets have the potential to transform the region.
Nubank will offer low transaction opportunity
The digital bank, which will start trading cryptocurrencies this month, has set the lowest transaction limit at 1 Brazilian real ($0.19). Thus, the bank has also revealed its intention to spread crypto trading to the base.
In addition to this development, Nubank announced that it has decided to keep 1 percent of its cash reserves in Bitcoin (BTC). In Argentina, another Latin American country, the country's central bank recently banned banks from offering cryptocurrencies.
Nubank is known as the largest fintech bank in Latin America. Berkshire Hathaway and Sequoia Capital are among the investors of the financial institution, which offers new generation banking services.
Nubank's decision to start trading Bitcoin (BTC) and Ethereum (ETH) coincided with a tragic time of sharp declines in the crypto markets. Bitcoin (BTC) has returned to $28,000 in intraday transactions after falling as low as $26,700 today. Ethereum (ETH), on the other hand, returned to the $ 1,900 band with a slight recovery after seeing $ 1,800 today.
Elsewhere in the world, however, the Shanghai Supreme People's Court has ruled that Bitcoin (BTC) has "determined economic value" and is a virtual asset protected by country laws. The decision is of great importance given China's Bitcoin policy.