Nubank, a digital bank based in Brazil, has announced a new chapter in its operations. The company announced that it has reached 70 million customers in Latin America, which is one of the largest financial institutions of its kind in Brazil. The company also announced that almost 2 million customers are cryptocurrency investors.
Nubank reaches 70 million customers; Crypto customers have reached 1.8 million
Latham has become fertile ground for companies offering alternative finance and cryptocurrency-based services due to its unique set of conditions. Nubank has announced that Brazil-based digital Nubank has recently reached its peak in the region and now serves 70 million customers. Most of these customers, as expected, are based in Brazil. However, Neobank has been able to enter other markets such as Mexico, where it has 3.2 million customers, and Colombia, where it has 400,000 customers.
The company’s top-grossing products include Money Box, which offers investment and planning options that have registered more than 1.7 million users as investors. Another driver of Nubank’s growth is its cryptocurrency division, which allows customers to buy, hold and sell digital assets from the same app. According to the press release, more than 1.8 million customers have made at least one cryptocurrency purchase using the NuBank app.
David Velez, CEO and founder of NuBank, said of the company’s growth and services:
Our accelerated growth is driven by the continuous pursuit of excellence, which drives expansion, new products and increased revenue per customer. Nubank is a project for the next decade and we remain steadfast in our mission to free all people from the complexity of financial services in Brazil, Mexico and Colombia.
The crypto market is growing in Brazil
The company opened its cryptocurrency trading services to more than 54 million customers in Brazil in June, and also holds bitcoin as part of its balance sheet. This announcement paves the way for more companies in Brazil to follow Nubank’s footsteps and enter the cryptocurrency services market.
One of the company’s biggest competitors, Mercado Libre, is an e-tailer company that started offering crypto services last year and recently launched its own cryptocurrency, MercadoCoin. Other companies have followed suit, including Ricoh, a financial brokerage platform that aims to offer cryptocurrency services by 2023, and Picpay, a payment platform that plans to launch its own Brazilian real-based stablecoin.
Traditional banks such as Santander have also announced that they will include cryptocurrency in their portfolio of services in the coming months. However, crypto is still not regulated in the country because the national cryptocurrency bill could not be discussed in the Brazilian Congress due to issues related to elections.
What do you think about Nubank’s crypto-powered growth in Brazil? Tell us in the comments section below.
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