Latin America: Brazil’s Nubank Announces Launch of Cryptocurrency Transfer Functionality

Nubank (NYSE: NU), which claims to be the largest digital banking platform in the world outside of Asia, announces the launch of its cryptocurrency transfer functionality.

Now, customers can send and receive crypto assets “directly from their wallets.”

The solution, which is being gradually rolled out, is available for Bitcoin, Ethereum, and Solana.”

More virtual currencies and networks will “be added soon.”

Thomaz Fortes, Director of Nubank Crypto, comments on the recent launch:

“We experienced a 1500% growth in transaction volume between March 2023 and March 2024, and today we are one of the largest crypto platforms in the country. What we are doing is putting the customer at the center of our strategy, as we do with everything at Nubank – and this implies evolving the platform to meet their needs. We want to reduce complexity and empower our customers to have control over their crypto assets.”

The new feature adopts an exclusive pricing approach, “using a structure that stabilizes the constant fluctuations of the blockchain.”

This product has been meticulously designed “to ensure attractive fees, along with Nubank’s unique experience.”

Thomaz added:

“This new transfer functionality offers our customers complete freedom to move their assets whenever and however they wish, with highly competitive rates. Another demand met, and we are very pleased to provide it in a structured and comprehensive way,”

Nubank is working with Chainalysis, the blockchain data platform, to set a high standard of compliance for all crypto transactions.

This collaboration aims to further protect customers.

Blockchain technology, known “for its versatility in asset tokenization, smart contract execution, and fast transfers, has become an essential foundation for transaction security and efficiency.”

Beyond its conventional applications, Nubank is actively “leveraging Chainalysis technology to monitor addresses on the blockchain, identifying and disrupting any suspicious activity or activities associated with illicit activities.”

Thomaz also mentioned:

“Nubank is redefining security standards in the financial sector, providing users with peace of mind and confidence in their daily transactions. This initiative reinforces Nubank’s ongoing commitment to providing the best services to its customers with security.” 

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