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Nubank Introduces Withdrawal Services for Cryptocurrencies
The Brazilian megabank Nubank has made a significant move in the cryptocurrency space by launching withdrawal services for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). This new feature allows customers to send and receive these cryptocurrencies directly from their Nubank app-based wallets.
Nubank’s Crypto Expansion Plans
Nubank initially announced its intention to enable cryptocurrency withdrawals in December of the previous year, and it has now officially rolled out the service. The bank has expressed its commitment to gradually expand the range of supported cryptocurrencies beyond Bitcoin, Ethereum, and Solana in the near future.
User Reactions and Future Additions
The announcement was met with enthusiasm from Nubank users, with some likening the bank’s evolving services to that of a cryptocurrency exchange. However, there were queries from users regarding the absence of send and receive functions for Nucoin, Nubank’s native token. Reports suggest that additional cryptocurrencies will be integrated into the withdrawal service in the upcoming weeks.
Nubank’s Growing Influence in the Crypto Market
As the largest neobank in Latin America, Nubank boasts a substantial customer base of 80.4 million in Brazil and a strong presence in other Latin American countries such as Mexico and Colombia. The bank’s parent company, Nu Holdings, went public on the New York Stock Exchange in December 2021, reaching a valuation of $45 billion.
Expansion of Wallet Services and Altcoin Support
Nubank has been progressively enhancing its cryptocurrency offerings, with approximately 20 million customers using its crypto wallets. The bank has been actively adding support for various altcoins since entering the cryptocurrency market. In 2022, Nubank initiated its crypto strategy and revealed plans to invest in Bitcoin using its balance sheet.
Strategic Investments and Partnerships
Nu Holdings, recognized as the world’s largest standalone digital bank, is making significant investments in its Mexico subsidiary, with a total investment in Latin America’s second-largest economy amounting to $1.4 billion. Additionally, Nubank has introduced the Nucoin token in collaboration with the Polygon network as part of its revamped loyalty program.
Furthermore, Nubank has expanded its coin offerings by listing Polygon (MATIC) and Uniswap (UNI) last year. In a strategic move, the bank partnered with Circle, the US-based company behind USD Coin (USDC). Notable investors in Nubank include Warren Buffet, whose investment firm acquired a $500 million stake in the Brazilian bank in June 2021.