Nubank, a Brazilian fintech startup, has signed an agreement to begin trading cryptocurrency with Paxos, a crypto corporation.
Nubank announced Wednesday that users would be able to purchase and sell bitcoin (BTC) and ether (ETH) on its platform.
According to David Vélez, CEO and founder of Nubank, the goal of this initiative is to create an experience that is simple and intuitive enough to broaden access to new segments while also being robust and powerful enough for the more crypto-savvy.
Nubank, a significant fintech company and one of the world’s largest digital banking systems, has entered the cryptocurrency trading sector. In line with its aim of expanding its product portfolio to meet the demands of all of its clients, the firm introduced an exclusive in-app crypto trading experience in Brazil today, initially offering Bitcoin and Ethereum trading for BRL $ 1.00 (the US $0.20).
Paxos Trust Company is a blockchain-focused financial institution and technology firm based in New York. A cryptocurrency brokerage service, asset tokenization services, and settlement services are among the company’s products. It combines the benefits of blockchain technology with the stability of fiat currencies as a regulated stablecoin collateralized by the US dollar.
Dennis Porter also shared the news with a tweet.