Digital Banking: Nubank Enlists Fireblocks as it Expands Blockchain Offerings

Nubank (NYSE:NU) said it will expand its crypto services, Nubank Cripto, currently available to its customers in Brazil. As part of the expansion, Nubank has signed an agreement with Fireblocks, a global digital asset platform that offers a service for offering blockchain products and managing crypto transactions.

Nubank is one of the largest digital-only banks in the world. First launching in Brazil, Nubank has expanded into other Latin American countries.

Nubanks said that Nubank Cripto will be leveraging the Fireblocks platform to create new experiences using blockchain technology. The company mentioned specifically its involvement in the tokenized currency Real Digital pilot project in Brazil.

Nubank has been selected as part of a group- to simulate transactions with the Brazilian Central Bank’s Digital Currency (CBDC) and the digital representations (tokens) of Electronic Currency (MEt) and Federal Public Securities (TPFt).

Michael Shaulov, co-founder & CEO of Fireblocks, said that Latin America has embraced the potential of crypto and made huge strides in the digital asset sector.

“Nubank has always put their customers in control of their financial life by embracing the forefront of financial technology. By integrating Fireblocks into their platform, we look forward to the groundbreaking new products they will have in store for their customers next.”

Nubank will be using Fireblocks’ settlement of purchases and sales for Nubank Cripto. The Fireblocks Network feature connects the largest consortium of regulated financial institutions that have implemented digital assets on the blockchain.

Fireblocks reports that it serves thousands of financial institutions and has secured the transfer of over $4 trillion in digital assets.

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