Brazilian megabank Nubank has recently announced the launch of withdrawal services for Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), marking a bullish move in the world of neobanking. The bank’s official notice on their community page stated that customers will now be able to send and receive cryptocurrency assets directly from their app-based wallets. Although the plans for enabling withdrawals were initially announced in December of the previous year, the service is now live. Nubank has also mentioned that they plan to add support for more cryptoassets in the near future, gradually releasing this function to ensure a better customer experience.
The announcement of Nubank’s expansion into cryptocurrency services was met with enthusiasm from users, with some even comparing the bank to a “crypto exchange” of its own. There were also questions raised as to why the bank had not yet introduced send and receive functions for their own token, Nucoin. However, sources report that new coins will be added to the service in the upcoming weeks. Nubank, as the largest neobank in Latin America with around 80.4 million customers in Brazil and a significant presence in other LATAM countries, has been steadily growing its customer base.
The company has previously provided Brazilian customers with access to buy and sell functions for Bitcoin and other cryptocurrencies through wallets on their mobile app. With approximately 20 million crypto wallet-holding customers, Nubank has been consistently expanding its support for various altcoins since entering the crypto market. In addition to offering the option to buy Bitcoin using its balance sheet, the bank introduced the Nucoin token in partnership with the Polygon network as part of a revamped loyalty program. Nubank has also made strategic moves in the crypto space, such as listing Polygon (MATIC) and Uniswap (UNI) coins and partnering with Circle, the US-based company behind USD Coin (USDC).
Furthermore, Nubank’s operator Nu Holdings, the world’s largest standalone digital bank, has invested $100 million in its Mexico subsidiary, bringing its total investment in Latin America’s second-largest economy to $1.4 billion. This significant investment underscores the bank’s commitment to expanding its presence in the region and further developing its services. Nubank’s successful launch on the New York Stock Exchange in December 2021, where it achieved a $45 billion valuation, has positioned the bank as a key player in the fintech industry. With prominent backers such as Warren Buffet, who holds a $500 million stake in the Brazilian firm, Nubank continues to make strategic moves to solidify its position and drive innovation in the financial sector.
