Warren Buffett-backed Nubank Hits 1Million Crypto Users In Weeks

Nubank, a Brazil-based conventional bank that offers crypto services, recently announced that it had registered over 1 million crypto customers. The news was a surprise as the bank had just been launched a month ago.

Nubank Registered 1 million Crypto Users In Three Weeks

The CEO of the bank, David Velez, gave out the exciting information in his tweet on the 1st of August. He revealed that the firm is simultaneously surprised and excited to have hit such a significant number in a dominant bearish market.

He continued that the firm had aimed to reach the figure in about a year of operation. However, it surprised them that they achieved the milestone within a month after they began operating. 

The financial firm introduced its crypto offerings named Nucripto to about 46.5M of its customers in May. The platform collaborated with Paxos’ infrastructure to offer crypto users multiple custodial and trading activities. 

As a result, users can send and receive Bitcoin and/or ETH on the platform. The firm also aimed at adding more cryptocurrencies in the future. 

Furthermore, Nubank receives wild admiration as it is supported and associated with the famous multi-billionaire Warren Buffet. Last month, during its launch program, Nubank revealed that it would use 1% of its funds to invest in BTC. It aimed to showcase its support and adoption of crypto assets by the gesture. 

Crypto Continues To Gain Massive Adoption In Latin America

In addition, Nubank partly associated its spontaneous growth with the impact of its goal to build a community of crypto-learned users. To that effect, the firm has been teaching customers about the risks involved in crypto by dishing out educational tools. 

The CEO tweeted that they believe crypto is currently growing in Latin America, and they aim to make the region a blockchain technology hub. He, however, said many people are still not confident about entering the crypto market because they don’t understand its complexities yet. 

He concluded that the region would soon be filled with confident crypto traders after they had rebranded the area. Nubank also noted that it

s rapid crypto service growth was influenced by the continuous increase in crypto adoption among Brazilians. 

Other crypto service providers in the region too experienced similar outbursts in customers. Bitso, a Mexican crypto trading platform, confirmed the story as it revealed it has also recently hit 1 million Brazilian users. 

The crypto industry continues to gain massive adoption in the region. In 2021, five big banks in Latin America collectively pulled off a whopping $400M investment in crypto.

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