Warren Buffett-Backed Nubank Now Offers Crypto Trading to 54 Million Customers – According to a blog post posted on Monday, Nubank, one of the largest digital banking platforms in the world, now provides cryptocurrency trading to all customers. In Brazil, Mexico, and Colombia, the bank offers services to almost 54 million people.
The bank wrote: “Nubank Cripto provides the solution to buy and sell cryptocurrencies directly through the Nu app.” Adding: “All of our customers can now buy cryptocurrency through Nubank.”
The bank continued, “We decided to offer, first, the largest cryptocurrencies on the market: bitcoin and ether, to assist you enter this universe more safely.
Nubank clarified further:
“For this launch, Nubank has partnered with Paxos, a cryptocurrency-focused exchange.” In May, the cryptocurrency trading option was introduced. It was first introduced in Brazil.
Additionally, Nubank stated in May that its parent company, Nu Holdings, has “allocated 1% of its balance sheet cash to bitcoin.”
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Warren Buffett-Backed Nubank Now Offers Crypto Trading to 54 Million Customers – Warren Buffett’s Berkshire Hathaway is a current shareholder of Nu Holdings. Nu Holdings shares valued at more than $1 billion were among Berkshire’s holdings as of December 31, 2021, according to its 13F filing with the U.S. Securities and Exchange Commission (SEC).
Nu Holdings received a $500 million investment from Berkshire Hathaway in June of last year, months before the company went public. Buffett recently stated, however, that he will not invest in cryptocurrencies because they do not generate any income. Cryptocurrency is “stupid and evil,” according to Charlie Munger, vice chairman of Berkshire Hathaway.
