Largest Brazilian Bank Buys BTC Amid Crypto Crisis And Adds Trading Option To App

Nubank Invests In Bitcoin

According to a statement released by the firm on Wednesday, Nubank, which is the biggest online bank in Brazil, is now enabling users to purchase, trade, and keep BTC through its phone app.

Additionally, the financial technology business will invest 1% of its shares in BTC through its mother company, Nu Holdings Inc., which is traded on the NYSE (New York Stock Exchange). According to Exame, Nubank stated that the move was made with the intention of “strengthening the company’s faith in the present and potential benefit of Bitcoin in revolutionizing financial services.”

According to various sources, the crypto infrastructure startup Paxos will supply the required exchange and custodian services for Nubank’s service. These services are essential to the operation of the crypto. Because of this, it would seem that customers who use the application of the bank to purchase Bitcoin can not withdraw their newly acquired cryptocurrency to another wallet of their choice.

The functionality will be made available to users in stages. At the moment, the feature is being put through the testing phase, during which a small percentage of Nubank’s clientele will be given entry to the latest integration. Nubank anticipates that all of its clients will have their crypto needs met over the next months.

In a statement, Nubank elaborated on its rationale for investing in the BTC ecosystem, explaining that the currency holds more than 40% of the total market dominance of all cryptos and is regarded as the most powerful virtual asset as a result of the load it carries.

BTC Critic, Warren Buffet Now Has Indirect Involvement With The Crypto 

Warren Buffet, founder and Chairman of Berkshire Hathaway and a renowned investor, now has indirect involvement in Bitcoin because Nubank allocated funds to Bitcoin investment. 

A report from CNBC states that the holding company made an investment of $500 million in Nubank in June 2021 and purchased 30 million shares of the company when it became a public firm in December for over $250 million. Also, the company has doubled its investment recently by making another investment of $1 billion in the Brazilian bank. Buffet has been critical of BTC in the past.

Currently, there is a turmoil in the crypto community as cryptocurrencies continue to dip over the past week. BTC which was previously in the $40k region is now trading below $30k. Most investors are currently pulling out of the market as many fear the coin will continue to plummet. 

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