Nubank, a Brazilian digital bank, has announced that it will allow its customers to trade cryptocurrencies in a new partnership with Paxos.
The largest digital bank in the Latin American nation also adds that it will set aside 1% of its assets to invest in Bitcoin through its subsidiary, Nu Holdings.
The banks say that the move strengthens their commitment to harnessing the potential that cryptocurrencies have in changing the financial service sector.
Nubank notes that the purchase of Bitcoin and Etherum by its treasury will be implemented from $0.20 or 1BRL and set to start in May. The bank also announced that the cryptocurrency investment service will be implemented in full beginning in June.
The bank’s Chief Executive Officer, David Velez, says that the cryptocurrency space has gained momentum in Latin America. The executives see it as a transformative potential in the region.
BTG Practual is another bank in Brazil that is making steps in the cryptocurrency sector. The bank plans to unveil a cryptocurrency exchange in the next two months.