Nubank expands operations with cryptocurrencies
Nubank released the purchase and sale of Bitcoin and other cryptocurrencies in 2022, citing a “growing trend in Latin America”. In the same year, the bank created its own cryptocurrency, Nucoin, but the project ended up being abandoned this year.
Even so, Nubank continues to expand its share of this market. In a statement released on Tuesday (12), the bank announced a cryptocurrency exchange tool in its app, allowing the conversion of BTC, ETH, SOL and UNI into USDC, and vice versa.
“Swaps are a demand from clients as they begin to include crypto assets in their strategies. The initial implementation involving USDC and the four most popular cryptos is a way to guarantee potential profits from the appreciation of one of them without losing market position and with a lower rate compared to selling to obtain the value in reais,” Thomaz Fortes, executive director of cryptocurrencies and digital assets at Nubank.
The feature will be rolled out gradually over the next few weeks and should be simple and intuitive to use. The text indicates that the app will receive a button labeled “Swap” on its home screen.
Before this, if a customer wanted to convert BTC to USDC, they would need to convert BTC to BRL and then BRL to USDC, a longer process with more fees.
In the coming months, other pairs are expected to be added to this direct exchange. In other words, the bank may include pairs such as BTC/ETH, BTC/SOL and others.
One of the reasons cited by the bank is protection against inflation of the Brazilian real. With the exchange tool, investors will be able to realize their profits in BTC, but continue investing through USDC, for example.
Finally, the bank also notes that Nubank Cripto customers can activate the receipt of alerts for price variations of 3%, 6% or 9% per day. Due to the strong rise in Bitcoin, this function must have been triggered several times in the last few days.
