Brazil-based digital bank Nubank has announced new milestones in its operations. The company announced that it has reached 70 million customers in Latin America, making it one of the largest financial institutions of its kind in Brazil. The company also announced that nearly 2 million of its customers are cryptocurrency investors.
Nubank has 70 million customers; crypto customers reach 1.8 million
Due to its unique environment, Latin America has become a fertile ground for companies offering alternative finance and cryptocurrency-based services. Brazil-based digital neobank Nubank recently reached a milestone in the region, announcing that it now serves 70 million customers. As expected, most of these customers are located in Brazil. However, neobank has also successfully entered other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, where it has 400,000 customers.
The company’s most significant growth products include Money Boxes, an investment and planning option that has more than 1.7 million registered users as investors. Another area driving Nubank’s growth is its cryptocurrency division, which allows customers to buy, hold and sell digital assets from the same app. According to the press release, more than 1.8 million customers have made at least one cryptocurrency purchase using Nubank’s app.
Regarding the development of the company and the services provided, David Velez, CEO and founder of Nubank, statement:
Our accelerated growth is driven by a continued pursuit of efficiency that balances expansion, new products and increasing revenue per customer. Nubank is a project for decades to come with our unwavering commitment to liberating everyone in Brazil, Mexico and Colombia from the complexities of financial services.
Brazil’s cryptocurrency market is booming
The company opened its cryptocurrency trading service in Brazil for more than 54 million customers in June, and also has bitcoin as part of its balance sheet. The announcement opens the floodgates for more companies in Brazil to follow in Nubank’s footsteps and enter the cryptocurrency services market.
One of the company’s biggest competitors is Mercado Libre, an e-tailer company that started offering crypto services last year, and recently release Its own cryptocurrency, called Mercadocoin.Other companies have followed suit, including Ricoa financial brokerage platform designed to serve cryptocurrencies in 2023, and Pickup paymenta payments platform that plans to launch its own Brazilian real stablecoin.
Even traditional banks like Santander have Announce They will be incorporating cryptocurrencies into their service portfolio in the coming months. However, Brazil’s Congress has failed to discuss a national cryptocurrency bill due to election-related issues, so the country has still not regulated cryptocurrencies.
What do you think of Nubank’s crypto-driven growth in Brazil? Let us know in the comments section below.
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