Nubank now allows 53 million Brazilians to buy Bitcoin

More than 53 million Brazilian customers can now buy bitcoin through the country’s largest digital bank, Nubank, backed by Warren Buffett.

Brazil’s largest digital bank, Nubank, has launched bitcoin purchasing capabilities for all of its 53.9 million customers.

The Warren Buffett-backed fintech announced the feature in May via a blog post, mentioning how the option would be rolled out in phases. At that time, the company also made a treasury allocation to bitcoin.

The blog post was updated on Monday to reflect the new status: all Nubank customers now have access to the “Nubank Crypto” tab, where bitcoins can be traded.

“The option to buy cryptocurrencies through Nubank is now available to all our customers. Please update your app,” the updated blog post reads.

Users can buy and sell bitcoins instantly through the Nubank Crypto section of the Nubank app, the most used banking platform by Brazilians in 2021. still available.

Bitcoin Magazine tested the new feature on Tuesday.

Nubank charges a small commission for each purchase or sale operation that, although it varies, is around 0.02%. The app also displays educational content in the Crypto section, which provides information on what Bitcoin is for novice investors.

“The first cryptocurrency that ever existed,” says the Nubank app as the user navigates to the page to buy BTC. “Bitcoin was created with the intention of decentralizing the financial system and has influenced all other cryptocurrencies ever since. In general, people compare Bitcoin to gold and tend to store it for the future.”

The startup Unicorn Nubank is the most popular digital bank in Brazil. The fintech is backed by Warren Buffett’s Berkshire Hathaway and recently went public on Nasdaq.

According to a CNBC report, the holding company invested $500 million in Nubank in June 2021, acquired 30 million shares for $250 million when it went public in December, and recently doubled down on a $1 billion investment in Brazilian fintech.

Nubank is joining the race to attract Brazilian bitcoin investors as players in the banking system compete to offer the best cryptocurrency services in the country, from neobanks like Nubank to traditional banks like Itaú Unibanco. Investment banks like BTG Pactual and XP Investimentos have also doubled down on the sector recently with their own plans to offer Bitcoin services to consumers that are expected to come to fruition later this year.

The Brazilian cryptocurrency market is preparing for a new set of rules governing the activities of exchanges and custodians in the country. The country’s House of Representatives is expected to vote on the cryptocurrency review bill in the coming weeks.