Nubank, Latam’s most valuable bank, has partnered with Lightspark, a cryptocurrency-focused financial services company, to bring its customers access to Lightning Network transactions. With this partnership, Nubank expects to lower costs and get more flexibility for users to take advantage of its trading platform, according to Thomaz Fortes, Executive Director for Nubank Crypto. Nubank to […]
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Circle Officially Launches in Brazil, Partners With Latam Giants BTG Pactual and Nubank
Circle, the company behind USDC, the second-largest stablecoin in the cryptocurrency market, has announced its official launch in Brazil. The company inked an alliance with BTG Pactual, the largest investment bank in Latam, to provide onboarding and distribution services for Brazilian companies. Circle also partnered with Nubank, a leading digital neobank. Circle Partners With BTG […]
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Brazilian Neobank Nubank Introduces New Crypto Wallet Features for Bitcoin, Ether and Solana
Nubank, a Brazilian neobank, has introduced new features for its cryptocurrency customers. The Sao Paolo-based organization recently enabled deposits and withdrawals of bitcoin, ether, and solana in its cryptocurrency service, broadening the use cases of its platform. Before, the company only allowed users to purchase, hold, and sell cryptocurrency assets. Nubank Enhances Cryptocurrency Features: Opens […]
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Warren Buffett-Backed Nubank Collaborates With Circle and Talos to Increase Crypto Access in Brazil
Warren Buffett-backed Nubank is collaborating with crypto firms Circle and Talos to increase crypto access and adoption in Brazil. Nubank Cripto has added 11 new cryptocurrency options to the platform this year. “We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said the CEO of Circle after Nubank listed USDC.
Nubank Collaborates With Circle and Talos
Brazilian neobank Nubank made two major crypto announcements on Tuesday. The first is its partnership with crypto firm Circle to launch stablecoin USDC within the Nubank Cripto app. The second is the integration with Talos, a leading provider of institutional digital asset trading technology, to reduce trading costs for customers purchasing crypto assets with Brazilian reais.
Nubank is one of the largest fintech banks in Latin America, with 80.4 million customers in Brazil, 1.51 million clients across Mexico and Colombia, and a revenue of .69 billion. The digital bank is backed by investors including Warren Buffett’s Berkshire Hathaway and Softbank Group Corp. The bank’s announcement details:
With the listing of USDC, Nubank Cripto has added a total of 11 new cryptocurrency options to the platform throughout 2023. The shelf now has 15 digital assets as alternatives in addition to Nucoin, a utility token for the loyalty program.
Circle explained on Tuesday that its partnership with Nubank aims to “increase digital dollar access in Brazil,” adding: “USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars … Future opportunities for integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC.”
Jeremy Allaire, Circle’s CEO and co-founder, opined:
We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region.
Regarding its integration with Talos, Nubank detailed: “With this partnership, customers who wish to trade crypto assets in Brazilian reais through the Nu app will benefit from reduced costs through Talos’s Smart Order Routing engine and connectivity to optimize trade execution across multiple liquidity providers.”
Currently, the Talos Provider Network, comprising over 60 partners for cryptocurrency trading activities, counts the Chicago Mercantile Exchange and the Chicago Board Options Exchange among its members. “Through Talos’s services, Nubank will have the ability to source liquidity from local providers in native Brazilian real pairs as well as from global partners for US dollar pairs and also token to token swaps enhancing the ability to deliver best price execution to Nubank’s customers,” the bank described.
What do you think about Nubank collaborating with Circle and Talos to increase crypto access and adoption in Brazil? Let us know in the comments section below.
Warren Buffett-Backed Neobank Nubank Launches Own Currency Nucoin
Warren Buffett-backed Nubank, a Brazil-based neobank that debuted crypto trading options back in May 2022 on its platform, has announced the launch of nucoin, its own cryptocurrency. Part of the first batch of the currency, issued on top of Polygon’s network, will be issued to its customers as an airdrop, and for cashback purposes.
Nubank Launches Nucoin Cryptocurrency
Warren Buffett-backed Nubank, one of the biggest digital neobanks in Latam, has announced the issuance of its own cryptocurrency called nucoin. The token, which is issued on top of the Polygon network, will be airdropped to end users of the institution, with 80% of the total issuance being directed to the customers.
According to local reports, nucoin will be key to several activities in the future, including the establishment of a cashback program, with users receiving rewards in the form of the token, and the realization of internal nucoin raffles. Nucoin will not have a secondary market, as transactions with the token will be only available on Nubank’s platform.
Nucoin is already available to a part of the 70 million customers the exchange reported having reached back in September, with almost 2 million having purchased crypto. The initial price of the currency (if it will have a determined price) was not disclosed by Nubank.
More Options
According to reports from local outlets, Nubank will present further options involving its currency, including staking programs that will allow customers to lock their nucoins to receive more nucoins over a period of time, or to receive more tickets for internal raffles. There will reportedly be a future option to exchange nucoins for cash via the platform.
The issuance and launch of nucoin comes as no surprise to some, as the company has been working on this initiative since October, when Fernando Czapski, senior director and general manager at Nubank, stated that the company believed in the “transformative potential of blockchain technology” and in its democratization.
The initiative is similar to the one executed by retail and financial services company Mercado Libre in August last year, when the organization also issued its own cryptocurrency, called mercadocoin, to be part of its loyalty programs. However, Mercado Libre did establish an initial price for its token, valued at .10 at the time of its launch.
What do you think about Nubank issuing its own cryptocurrency on top of Polygon? Tell us in the comment section below.