Brazilian neobank Nubank is adding five new digital assets to its banking app, in an extension of its established crypto offerings. On Tuesday, May 18, the São Paulo-based fintech company announced that customers could buy, sell and hold Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ripple (XRP).
Nubank, which already has provided cryptocurrency services since early 2021, wrote in its announcement that this expansion “generates avenues of investment and prevents customers from having to use multiple mobile banking apps to manage their finances.” These new crypto offerings will now join the Nubank platform alongside the existing options Bitcoin and Ethereum, both of which users can buy, sell, and hold.
This addition of five new crypto assets to the Nubank App follows the recent surge in Bitcoin demand in Brazil, as well as the country’s recent developing regulation of cryptocurrency. Nubank is the first banking app in Brazil to provide users with access to five different digital assets.
The news of the launch has been met with enthusiasm from the wider crypto community, as the digital asset options available to Brazilian users now become more accessible. The new addition to the app should also serve to further drive the adoption of cryptocurrencies in Brazil.
Nubank’s expansion of the digital asset offerings on its platform is a strong indicator of the bullishness around cryptocurrencies in Brazil, and a sign that more services to support these markets are coming online. With more people investing in digital assets in Brazil, the potential for further growth in the local cryptocurrency industry should continue to expand.