According to CryptoPotato, Nubank, a São Paulo-based fintech, has introduced a new feature that enables Bitcoin and cryptocurrency withdrawals and deposits. This development allows customers to send and receive Bitcoin, Ethereum, and Solana through the Nubank app. The withdrawal and deposit options are currently available for users to explore on the app's main crypto screen.
The launch initially supports three cryptocurrencies, but Nubank intends to expand this offering soon. Users are advised to consider several factors before completing a transaction. Withdrawals may incur variable fees depending on the chosen network, and crypto transactions could take around 60 minutes. Users must also ensure that the selected network and currency are compatible with the Nubank wallet. The bank stresses the importance of sending assets to supported networks and correct addresses, as errors could lead to irreversible loss of funds.
This new feature from Nubank is expected to further stimulate Brazil's burgeoning crypto environment. As the largest fintech bank in Latin America, boasting a customer base of 80.4 million in Brazil and millions more in Mexico and Colombia, Nubank's foray into cryptocurrency marks a significant stride towards mainstream acceptance. This move follows closely on the heels of Itau Unibanco, Brazil's largest bank, which entered the cryptocurrency exchange market in early December 2023.
Brazil is among the top Latin American countries in terms of cryptocurrency adoption. It is one of three nations demonstrating strong 'grassroots adoption' and ranks within the top 20 on Chainalysis' Global Crypto Adoption Index.