Brazil’s Nubank starts Bitcoin, Ether trading

Brazil’s Nubank starts Bitcoin, Ether trading

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Bloomberg

Nu Holdings Ltd, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway Inc, partnered with blockchain startup Paxos Trust Co to allow its customers to trade cryptocurrencies.

Nubank’s more than 50 million customers will initially be able to trade Bitcoin and Ethereum, according to Paxos Chief Executive Michael Coscetta. Paxos has seen demand increase for digital assets in Brazil and that the move will create more financial inclusion for Nubank’s customers by giving them access to more payment methods, he said.

“You’ll see a lot more desire to participate [in crypto] not just in Brazil, but across Latin America,” Coscetta said in an interview.

Nubank will gradually roll out crypto trading to its entire costumer base by the end of June, the Sao Paulo-based firm said. Nu Holdings also buy Bitcoin equivalent to as much as 1% of its balance sheet cash position, the firm said in the same statement, without providing an exact figure.

Latin America has been an area of focus for crypto companies. Coinbase Global Inc. planned to acquire Brazilian crypto brokerage 2TM Participacoes SA before the deal fell apart. However, the US crypto exchange