According to a press release dated September 26, 2022, Nubank, the largest fintech company in Latin America, has registered 1.8 Million new users from Brazil since the launch of its crypto exchange in July 2022, making the platform one of the fastest-growing digital currency ecosystems in the region.
70 Million Users Now Use Crypto Services from Nubank
Nubank said in a press statement on September 26 that it had achieved 70 million users in the Latin American region, stating that more than 1.8 million Brazilians have utilized its cryptocurrency exchange since its start in July 2022.
The majority of Nubank’s clientele are Brazilian, according to the company’s news statement. In addition to having over 66 million users in Brazil, the digital bank has a major presence in Mexico with over 3 million members and Colombia with close to 500,000 users. This year, Nubank will grow to become one of the largest digital banks in the world.
David Vélez, the CEO and creator of Nubank, was quoted as saying, “Our quick growth is driven by a constant search for efficiency, which balances expansion, new product development, and per-customer revenue growth.”
The digital bank funded by Warren Buffett unveiled its crypto exchange to the public in June 2022, and it rapidly drew more than 1 million customers, which nearly doubled by late September to 1.8 million. Noting that these numbers represent everyone who has used the crypto service at least once, the fintech titan also reported that its investment services division in Brazil had topped 6 million active customers.
This is not Nubank’s first introduction to bitcoin; the digital bank has been an advocate for cryptocurrencies and their applications for a long time. In May 2022, the bank introduced bitcoin to its treasury and now permits users to purchase, sell, and retain bitcoin via its mobile application. The largest digital bank in Brazil intended to invest 1% of its portfolio to Bitcoin in order to “strengthen the company’s belief” in bitcoin’s potential.
Brazil Continues To Accept Cryptocurrency
In a country with one of the fastest crypto growth indices in South America, the Brazilian government’s position on cryptocurrencies has not yet been properly established. In April 2022, the Brazilian Senate enacted the nation’s first cryptocurrency law, which was intended to initiate the formation of a regulatory framework for the country’s cryptocurrency business.
The bill has not yet been signed into law, allowing the Securities and Exchange Commission (SEC) of the United States to propose amendments, such as designating tokens as digital assets and securities so that they are subject to SEC laws.
As the Brazilian government continues to ponder the acceptability of cryptocurrencies, the Brazilian public’s adoption of cryptocurrencies is on the rise.
According to Nubank’s most recent analysis, the adoption rate of digital assets is only expected to increase in the next years. One of the top real estate developers in Brazil, Gafisa, is now accepting Bitcoin for real estate transactions.
However, Brazil is not the only Latin American country actively pursuing the adoption of cryptocurrencies. In February 2022, it was anticipated that Venture Capital investments in cryptocurrencies in Latin America increased by a factor of ten in 2021 alone.