Brazil allows trading of bitcoin and ethers

Just a few hours ago, and in the midst of an adverse trend in the cryptocurrency market, the largest digital bank in Brazil: NUBANK, announced the sale of bitcoin (BTC), and ethereum (ETH) so that the bank’s users could purchase them with Brazilian reals, the local currency.

The purchase and sale transactions of cryptocurrencies will be supported by the infrastructure of Paxos, who will be responsible for monitoring the custody and trade. And these operations can even be carried out from Nubank’s digital application.

However, the “buy” option for cryptoassets is still in the testing phase. This means that users can buy or sell cryptos, but they cannot withdraw or deposit them. And as of this moment this option is only available to some users.

The upgrade has been available since May 12, and they plan to expand it gradually, until the entire customer base in Brazil can use it.

They indicated that this may be possible by the end of July 2022.

According to information from Nubank, it’wont be necessary for customers to open new accounts to enable the function of buying and selling cryptocurrencies; they can start through the accounts they already have.

Users can invest from as little as one Brazilian real; with no minimum entry fees. In addition, the largest Brazilian Fintech bought Easynvest, in September 2020, a platform that actively offers the first bitcoin ETF in Latin America.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

November last year, Spain attracted the world’s attention by being one of the first…
In a historic collaboration, whiskey producer Jack Daniels and Yahoo Creative Studios joined forces…
A few months ago the bitcoin exchange announced its bankruptcy; however, John Ray III,…