The decision of the Brazilian neobank Nubank to list polygon (MATICS) e uniswap (UNI) on its banking application was enthusiastically welcomed by the crypto community.
Nubank entered cryptocurrency in mid-2022, when he announced he would buy bitcoin (BTC). The company said it would invest 1% of its portfolio in Bitcoin through its holding company.
It has also updated its application and offers features allowing its users to hold, buy and sell bitcoin and Ethereum (ETH).
The MATIC decision may have been in the works for some time. In October of last year, the company announced it was working with Polygon a launch your own currency, called Nucoin.
The bank said it wanted distribute its token to its customers “during the first half of 2023” and that it would use it as part of its loyalty programs.
Speaking to Time on Jan. 15, David Vélez, founder and CEO of Nubank, said:
“My biggest challenge as a leader will be to increase the pace and quality of our initiatives by increasing motivation and engagement.
The pace seems to have picked up quickly when it comes to cryptocurrencies for this bank. In fact, the company went from zero to the status of one of the main national crypto players in just a few months.
Cryptocurrency adoption is set to continue in Brazil with Nubank entering the market.
While it will take some time to see if Nubank customers adopt these alternative currencies, note that the bank continues its adoption campaign while many other specialized cryptocurrency companies are on the contrary reducing their operations.
At present, major Latin American cryptocurrency players such as Mexican Bitso and Brazilian Mercado Bitcoin continue to dominate regional markets.
14-day trading volumes on Bitso, one of the largest cryptocurrency exchanges in Latin America. (Source: CoinGecko)
Nubank backers include the likes of Warren Buffet, whose investment firm bought a $500 million stake in the company in June 2021. According to The Chainsaw news outlet, NuBank is “currently valued at $45 billion, making it the second most valuable virtual bank in the world.”
The bank is said to have more than 65 million users and is considering expanding overseas in the near future.
Late last year, incumbent President Jair Bolsonaro signed into law a key cryptocurrency bill, which originated in the Senate. This law it then legalizes cryptography as a form of payment in the country – paving the way for greater adoption by the private sector.
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