More than 1.8 million people have signed up to Brazilian digital bank Nubank’s crypto platform in three months.
Nubank first announced its cryptocurrency trading service in May and made the service fully available to Brazilians in late June.
Digital bank Nubank has attracted more than 1.8 million Brazilian users to its crypto platform since its full rollout at the end of June, indicating a strong appetite for digital assets among consumers in South America’s largest country.
Nubank currently has a total of 70 million customers in Latin America: 66.4 million in Brazil, 3.2 million in Mexico and 400 million in Colombia. 6 million customers use investment services.
“The growth is driven by a constant search for efficiencies that are achieved through expansion, new products and revenue growth per customer,” said Nubank CEO and founder David Velez in a statement.
Brazil is ranked seventh in the Chainalysis 2022 Crypto Adoption Index, and cryptocurrency trading services available to consumers through digital banking and investment apps are becoming increasingly in demand. Mercado Libre, PicPay, BTG Pactual and XP are among the companies that have adopted cryptocurrencies over the past year. In addition, exchanges Binance, Bitso, Bitcoin Trade and Mercado Bitcoin serve local customers.
Nubank is the fifth-largest financial institution in Brazil in terms of number of clients.
