Nubank (NYSE: NU) clients who hold crypto-assets will be able to trade Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or Uniswap (UNI) for “digital dollars” USDC as well as vice versa.
The feature, integrated with Nubank Cripto, now reportedly simplifies currency transactions via direct exchange.
Also known in the market as “swap”, this option is said to offer “reduced” fees compared to actually purchasing and selling in fiat currency.
Nubank customers will gradually have this feature “available over the coming weeks.”
They will access it within the crypto section of the Fintech app by clicking on the “Trocar” (Swap) button on the home screen.
The feature will enable additional token pairs to be “exchanged in the coming months.”
Thomaz Fortes, Executive Director of Cryptocurrencies and Digital Assets at Nubank said that swap is in demand by customers as they start including crypto assets in their strategies.
Fortes added that the initial implementation involving USDC and the four most popular cryptos is a way to “ensure potential profits from value appreciation without losing market position and with a lower fee compared to selling for value in reais.”
As a stablecoin, USDC is backed by the US dollar, “ensuring parity between the USDC unit and the dollar.”
This feature makes it a “safer” option for crypto asset holders, with “less volatility than other cryptos, and greater protection against inflation in local markets.”
Nubank Cripto customers currently have a crypto price alert tool for buying and selling, including USDC, BTC, ETH, SOL, and UNI.
This tool activates alerts based on three “price variations, up or down: 3%, 6%, or 9%—always within a 24-hr period.”
Although this new feature seems to be useful, there is still a lot more that needs to be done to onboard significantly more users to crypto and digital investment platforms. For instance, many users who are not very tech-savvy often struggle to complete KYC verification, they might also lose track of their login credentials, or find the user interface far too overwhelming and then quickly lose interest / give up on actually using the app.
