Warren Buffet-backed Nubank now allows Brazilians to buy Bitcoin

What

Brazil’s largest digital bank, Nubank, has deployed Bitcoin buying capabilities to all its 53.9 million customers

Why

Nubank’s latest offering comes as competition heats up in the banking system to offer the best cryptocurrency services in the country

What next

Brazil’s cryptocurrency market is preparing for a new set of rules governing the activities of exchanges and custodians in the country with the country’s House of Representatives set to vote on an overhaul of the cryptocurrency draft bill in the coming weeks

The story

Brazil’s largest digital bank, Nubank, has rolled out Bitcoin buying capabilities to its 53.9 million customers.

The Warren Buffet-backed bank first announced the feature in May, with users now being able to buy and sell Bitcoin instantly through the Nubank Crypto section of Nubank’s app. 

However, while customers can acquire BTC, the ability to withdraw the purchased coins to an external wallet is not yet available. 

The app also displays educational content in the Crypto section, providing information about what Bitcoin is to first-time investors.

Nubank’s new feature rollout is one of many as digital and traditional banks compete to lure Brazilian Bitcoin investors with the best cryptocurrency services available.

Brazil’s cryptocurrency market is preparing for a new set of rules governing the activities of exchanges and custodians in the country with the country’s House of Representatives set to vote on the overhaul cryptocurrency draft bill in the coming weeks.

To learn more about Bitcoin, visit our learning resource here.