Nubank will allow its clients to withdraw cryptocurrency
Nubank will allow its clients to withdraw cryptocurrency
The Brazilian online bank Nubank has decided to allow its clients to withdraw cryptocurrency from its platform starting in 2024.
This was made possible by the bank's partnership with fintech company Circle to launch USD Coin (USDC) trading.
USDC is a digital version of the U.S. dollar, widely sought after by users, and one of the most
traded stablecoins in the world on the blockchain protocol.
"The integration of USDC with Nubank Cripto opens up great opportunities, not only for clients interested in having this digital dollar in their portfolio. With this offer and the characteristics of USDC Circle, we are looking at future opportunities to integrate Nubank Cripto with other financial services available on our app," said Thomaz Fortes, CEO of Nubank Cripto.
According to information published by Livecoins, the bank's clients have not been able to withdraw funds in cryptocurrency since the launch of the ability to purchase digital assets in 2022. The unrest in the Brazilian crypto community intensified after Seiiti Arata, a member of the Brazilian Bitcoin community, raised the issue on his X (Twitter) page.
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Arata stated that it is unfair that Nubank users are allowed to buy BTC, but they cannot use the bank's app to pay in Bitcoins.
To appease the public and its users, Nubank went ahead and started developing a framework for the bank's clients to easily withdraw and use their cryptocurrencies.
It is worth noting that since the beginning of 2023, Nubank Cripto has already added 11 new cryptocurrencies, bringing 15 digital assets to its portfolio, including Nucoin, a loyalty token. In addition, the bank has partnered with Talos, an institutional digital asset trading technology provider, through which clients who wish to trade crypto assets in Brazilian reals with the Nu app will benefit from lower fees.
"Nubank Cripto will continue to evolve as a platform that combines simplicity and reliability for cryptocurrency enthusiasts. With Talos, we have made further progress in this direction, offering users even more competitive pricing, security, and reliability when trading cryptocurrencies through an extensive network of settlement providers," commented Fortes on the partnership.
To enhance the security of the user experience, Nubank has integrated Fireblocks' digital asset transaction management software and developed its own cryptocurrency storage solution.
The partnership with Fireblocks also streamlines the process of buying and selling cryptocurrency, ensuring an efficient and automated flow.
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