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LatAm’s Banking Giant Enables Bitcoin

LatAm's Banking Giant Enables Bitcoin

NuBank, Brazil’s biggest digital bank, announced the implementation to send and receive BTC and cryptocurrencies in Crypto accounts.

  • The service allows depositing and withdrawing BTC, ether, and Solana.
  • More than 20 million customers could send and receive BTC and cryptocurrencies.

NuBank’s announcement eases the adoption of the Bitcoin ecosystem and cryptocurrencies. Brazilian banking giant NuBank announced on Monday the implementation of the deposit and withdrawal service for bitcoin (BTC) and cryptocurrencies on its platform, available now for the millions of users of the digital bank. As reported in a statement, the service allows users to send and receive BTC and crypto assets directly into their NuBank Crypto accounts, accessed from the digital bank’s app interface. This action expands the bank’s service since they allow Bitcoin trading through Paxos.

The entity with more than $19.8 billion in assets indicated that service customers could send BTC, ether (ETH), the cryptocurrency of the Ethereum network, and Solana (SOL). They plan to add new currencies in the coming weeks. With their announcement, NuBank warned users and investors about cryptocurrency withdrawals, which are subject to variable market fees. Also, a transaction in cryptoassets can take up to 1 one or more to complete.  

The bank also urges double-checking the network and the coin chosen to send or receive money. Also, verify the authenticity of the address of the wallet’s target address to send crypto amounts.  

A gradual adoption

NuBank’s announcement is part of the gradual adoption of the Bitcoin ecosystem and cryptocurrencies by this Brazilian bank, which also has a presence in Mexico, Argentina, Colombia, and Germany. In 2022, the digital bank enabled bitcoin and cryptocurrency trading services. The entity enabled to buy and sell BTC and Ether from the bank’s app

NuBank is one of the world’s largest banks that decided to join the BTC ecosystem by offering related products and services. In Europe and the United States, banks like MoraBanc, Wells Fargo, and Bank of America have launched custody services and products to invest in bitcoin spot price exchange-traded funds (ETFs). 

Trading BTC under the bank’s watchful eye

With its new announcement, the Brazilian digital bank reinforces its narrative favoring the Bitcoin ecosystem by allowing more than 20 million users to send and receive digital currencies through the banking institution’s app.  

However, this implies people sending and receiving BTC and cryptocurrencies, along with the trading of these assets, are under the scrutiny and supervision of NuBank, an entity that, although digital, is centralized. Cryptocurrency operations carried out by users could be subject to the supervision and observation of the Brazilian bank, which identifies each of its clients in the five countries where it operates.  

NuBank crypto transactions are contrary to the blockchain paradigm, peer-to-peer, without needing a trusted third party, and without having to identify participating parties. And if it comes to trading BTC, there are decentralized options, such as Telegram’s bot and lnp2pbot. 

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