The decision of the Brazilian neobank Nubank to list the polygon (MATIC) and Exchange (UNI) in its banking application has been eagerly awaited by the crypto community.
Nubank entered crypto in mid-2022, when she announced she was going to buy bitcoin (BTC). The company claimed it would invest 1% of its portfolio in Bitcoin through its holding company.
It has also updated its app and offers features allowing its users to hold, buy and sell bitcoins and Ethereum (ETH).
MATIC’s decision may have been in the works for some time. In October of last year, the company announced that it was working with Polygon to launches its own coin, called Nucoin.
The bank said it wanted to roll out its token to its customers “during the first half of 2023” and that it would use it as part of its loyalty programs.
Turning to time On January 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 commitment.
The pace seems to have picked up fast when it comes to cryptocurrencies for this bank. The company has indeed gone from zero to the status of a major national crypto player in just a few months.
Cryptocurrency adoption will continue in Brazil with Nubank entering the market.
Although it will take some time to see if Nubank customers will adopt these alternative currencies, note that the bank continues its adoption campaign, while many other companies specializing in cryptocurrencies are reducing their operations.
As it stands, 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 crypto exchanges in Latin America. (Source: CoinGecko)
Backers of Nubank include the likes of Warren Buffet, whose investment firm bought a $500 million stake in the company in June 2021. According to According to The Chainsaw newspaper, NuBank “is currently valued at $45 billion, making it the second most valuable virtual bank in the world.”
The bank reportedly has more than 65 million users and is considering expanding overseas in the near future.
At the end of last year, current President Jair Bolsonaro signed a major cryptocurrency bill that started in the Senate. This law thus legalizing crypto as a form of payment in the country – paving the way for greater adoption by the private sector.
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