Nubank, one of Brazil’s largest financial institutional, has announced the addition of five of the most popular cryptocurrencies to its mobile banking app. Nubank now supports the digital assets Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH) on its platform. Users will now be able to buy and sell these assets directly through Nubank, and nearly all transactions will be free of fees. The move is a major boost to the cryptocurrency industry in the South American country, as it further legitimizes and mainstreams the sector. Despite being the third-most populous country in the world, only around four million Brazilians are reportedly exposed to crypto. Nubank’s decision to support cryptocurrencies follows a similar move by fellow Brazilian financial giant Banco Inter, which last year began offering crypto banking services. With these moves, Brazil is positioning itself as one of the most crypto-friendly countries in Latin America as it looks to capitalize on the burgeoning blockchain industry.
