Nubank hits 1 million crypto users in less than a month

Brazilian challenger bank Nubank has announced hitting one million cryptocurrency users in the country barely a month after launching the service.

In an interview with Brazilian website Neofeed, Nubank CEO and co-founder David Vélez said that reaching 1 million crypto users was a goal for a year from now.

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He also noted the goal is to popularize access to crypto-assets through its mobile app.

The crypto service dubbed Nucripto was launched in May this year to 46.5 million Nubank users. Through the platform, customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) via a crypto trading and custody service provided by Paxos’ infrastructure. There are also plans to add more assets in the coming days.

At the launch, Nubank, backed by billionaire Warren Buffet announced a plan to allocate about 1% of the cash on its balance sheet to Bitcoin. The decision was to highlight the bank’s support and belief in cryptocurrencies. 

“There is no doubt that crypto is a growing trend in Latin America, one that we have been following closely and believe will have a transformational impact on the region. Yet the trading experience is still very niche as customers either lack information to feel confident to enter this new market or just get frustrated by complex experiences,” Vélez said in a statement.

The product is operationalized by blockchain infrastructure Paxos, which acts as a liquidity provider and performs the custody of cryptocurrencies.

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Paxos can provide a variety of goods thanks to its status as a registered financial services corporation in the United States. These products include cryptocurrency trading and settlement, as well as custody services. Additionally, the company can issue tokenized securities and allow its users access to the conventional banking system.

The unique position has enabled Paxos to sign significant corporate clients, such as Interactive Brokers, Revolut, Crédit Suisse, Société Générale, and StoneX.