Nubank, the largest Brazilian digital bank by market value, reached 1 million users on its crypto trading platform just one month after launching in June, the company said on Tuesday.
The company had hoped to reach the milestone within a year, after launching Nucripto in May and making it available to its 46.5 million users in June.
In May, the company announced it was allocating roughly 1% of the cash on its balance sheet to bitcoin to demonstrate its belief in the cryptocurrency.
“Nubank has, in eliminating complexity, a value proposition that permeates all our products. With crypto activities, this becomes even more relevant due to the fact that it is a market with complex systems that make it difficult for people interested in taking their first steps to join,” Thomaz Fortes, leader of Nubank's crypto area, said in a statement.
On Monday, the Mexico-based crypto exchange Bitso also announced it had reached 1 million users in Brazil, a market where it competes with leading local...
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