Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, is now offering cryptocurrency trading to all of its 54 million customers. Nubank also holds bitcoin on its balance sheet.
Nubank’s Crypto Service Now Available to All Customers
Nubank, one of the world’s largest digital banking platforms, now offers cryptocurrency trading to all clients, according to its blog post, updated Monday. The bank serves around 54 million customers across Brazil, Mexico, and Colombia.
“Nubank Cripto is the solution to buy and sell cryptocurrencies directly through the Nu app,” the bank wrote, adding:
The option to buy cryptocurrencies through Nubank is now available to all our customers. Update your app.
“To help you enter this universe more safely, we decided to offer, first, the largest cryptocurrencies on the market: bitcoin and ether,” the bank added.
Nubank further clarified:
For this launch, Nubank has a partnership with Paxos, an exchange specializing in cryptocurrencies.
The crypto trading option was announced in May. It was launched first in Brazil.
Nubank also announced in May that Nu Holdings, its parent company, has allocated “~1% of its balance sheet cash to bitcoin.”
Warren Buffett’s Berkshire Hathaway is a current shareholder of Nu Holdings. According to its 13F filing with the U.S. Securities and Exchange Commission (SEC), Berkshire’s holdings as of Dec. 31, 2021, included Nu Holdings shares worth more than $1 billion. Berkshire Hathaway also invested $500 million in Nu Holdings in June last year, months before the company went public.
Buffett, however, recently said that he will not invest in cryptocurrencies because they do not produce anything. Meanwhile, Berkshire Vice Chairman Charlie Munger believes that crypto is “stupid and evil.”