The Brazilian neobanking unicorn Nubank is taking another step towards increasing the adoption of cryptocurrencies by partnering with USDC issuer Circle. According to Circle’s press release, the goal of this collaboration is to provide Brazilian Nubank customers with access to USDC. The availability of USDC in the country will be gradually rolled out, as stated by Nubank in their announcement.
USDC Integration and Future Plans
Initially, Nubank Cripto, the bank’s crypto platform, will launch USDC support, allowing Brazilian users to purchase and hold the USD-backed stablecoin. Nubank has also expressed their plans to integrate USDC with their broader digital banking platforms, providing customers with blockchain-based financial services powered by USDC.
“The USDC integration creates great opportunities for our customers who are interested in having digital dollars in their portfolio. Through this offering and the characteristics of Circle’s USDC, we are considering future possibilities to integrate Nubank Cripto with other financial services available in our app.” – Thomaz Fortes, General Manager of Nubank Cripto
Spreading Knowledge and Meeting the Demands
The partnership between Nubank and Circle also includes contributions to campaigns aimed at educating the Brazilian market about USDC. Nubank Cripto recognizes that the addition of USDC to their app meets the demands of active crypto holders and keeps up with the constant evolution of the platform.
Circle CEO Jeremy Allaire emphasized the strong demand for access to dollars, particularly in Latin America and Brazil. He highlighted Brazil as a leading force for digital currency use and adoption in the region.
Nubank, a major digital financial platform serving 90 million customers across Brazil, Mexico, and Colombia, has been actively expanding its crypto options. In 2023 alone, the bank has added 11 new cryptocurrencies to its platform. It introduced trading capabilities for five altcoins in November and launched crypto trading functions on the app in May 2022, providing customers with access to bitcoin (BTC) and ethereum (ETH).
Furthermore, Nubank has shown its commitment to the crypto space by announcing its intention to purchase BTC using its balance sheet and convert 1% of its available funds to BTC via its holding company. The bank has also created its own utility token, Nucoin, which serves as part of its loyalty program.
Notably, Nubank is also collaborating with the Central Bank of Brazil on the real digital CBDC pilot project alongside several local crypto companies.
With major backers such as Warren Buffet, Sequoia Capital, Tiger Global Management, and Goldman Sachs, Nubank continues to make significant strides in the world of cryptocurrency, bringing more opportunities to its customers.
