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Nubank Has Over 1.8 Million Crypto Users in Brazil

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Since its complete launch at the end of June, digital bank Nubank has recruited over 1.8 million Brazilian customers to its crypto platform, demonstrating a strong hunger for digital assets among consumers in South America’s largest country.

This number is nearly twice as high as the 1 million cryptocurrency users that the digital bank reported in late July and represents users who have made at least one bitcoin purchase using Nubank’s app. After announcing the plan in May, the company began offering crypto trading to all of its Brazilian consumers in late June. On September 26, a press release revealed the most recent user statistics.

Additionally, Nubank has reached 70 million clients in Latin America with its banking services. There are 400 million people in Colombia, 3.2 million in Mexico, and 66.4 million in Brazil. Additionally, 6 million people use the company’s investment services.

“Our accelerated growth is driven by a constant search for efficiency, which balances expansion, new products, and revenue growth per customer,” Nubank CEO and founder David Vélez said in a statement.

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Brazil, which ranks seventh on Chainalysis’ 2022 Crypto Adoption Index, has seen a tremendous increase in the availability of crypto trading services to customers via digital banking and investment apps. Firms such as Mercado Libre, PicPay, BTG Pactual, and XP have all launched cryptocurrencies in the last year, and cryptocurrency exchanges such as Binance, Bitso, Bitcoin Trade, and Mercado Bitcoin also cater to local clientele.

According to customer counts, Nubank is the fifth-largest financial institution in Brazil.