Brazilian Unicorn Nubank to Launch Crypto Withdrawals

Last updated: December 11, 2023 21:23 EST
. 1 min read

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A Nubank bank card protrudes from a brown leather wallet. — Source: sidneydealmeida/Adobe

The Brazilian neobanking unicorn Nubank will begin allowing its customers to make crypto withdrawals from its platform – following a deal that will let them trade USD Coin (USDC).

Per Brazil’s Livecoins, the bank has apparently “responded to calls from the Brazilian Bitcoin community.”

As such, the bank said, it will begin allowing its users to “make crypto withdrawals” from its banking app “from next year.”

On X (formerly Twitter), an online instructor expressed his frustration with Nubank in late November in a post that caused a stir in the Brazilian crypto world.

The instructor claimed it was unfair that Nubank customers were allowed to buy BTC, but could not use the bank’s app to pay in Bitcoin.

😱🇧🇷 Brazilian Financial Regulator Co-launches Crypto Glossary

The CVM, Brazil’s markets regulator, has co-launched a glossary of crypto-related terms to “standardize” terminology in the Latin American nation.#CryptoNewshttps://t.co/oZsKkAFJPP

— Cryptonews.com (@cryptonews) December 7, 2023

Brazilian Banks Making Crypto Moves

Nubank began adding crypto pairs to its conventional banking app last year. The platform now handles not only BTC and Ethereum (ETH), but also a growing number of altcoins.

However, while customers can trade coins or sell them for fiat, they are still unable to transfer them to other wallets or use them to make payments.

That will change in the New Year, Nubank confirmed in a statement to Livecoins, along with the addition of USDC pairings.

The bank said it would add the USD-pegged stablecoin after striking a cooperation deal with the USD Coin operator Circle.

A graph showing the market cap of USDC over the past month. — USDC’s market cap over the past month. (Source: CoinMarketCap)

A Nubank spokesperson told the media outlet that it was “responding to growing demand for the stablecoin among Brazilian users.”

Thomaz Fortes, the Executive Director of Nubank’s crypto arm Nubank Cripto, explained:

“With the new addition, we are beginning to explore future integrations of Nubank Cripto with other services available in our app. We aim to offer even more options and flexibility to our users.”

Nubank has added support for 11 altcoins in 223. It now handles 15 coins, including Nucoin, its own cryptoasset and loyalty token.

In March, the firm hired David Marcus, Meta (formerly Facebook)’s head of blockchain, as a board member.

Earlier this month, Itaú Unibanco, Brazil’s largest private bank, announced the launch of a new crypto trading service.