Digital bank Nubank has attracted more than 1.8 million Brazil-based users to its crypto platform since its full rollout at the end of June, highlighting a strong appetite for digital assets among consumers in South America's largest country.
This figure, which represents users who have made at least one cryptocurrency purchase through Nubank's app, is almost double the 1 million crypto users the digital bank disclosed in late July. The company introduced the crypto trading to all of its Brazilian users in late June after revealing the plan in May, and announced the latest user numbers in a Sept. 26 press release.
Nubank has also reached 70 million customers for its banking services in the Latin America region. These include 66.4 million in Brazil, 3.2 million in Mexico and 400 million in Colombia. The company also counts 6 million customers for its 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.
Brazil, which ranks seventh on Chainalysis' 2022 Crypto Adoption Index, has seen rapid growth in crypto trading services available to consumers through digital banking and investment apps. Mercado Libre, PicPay, BTG Pactual and XP are among the firms that have launched crypto within the past year, and cryptocurrency exchanges like Binance, Bitso, Bitcoin Trade and Mercado Bitcoin all cater to local clients.
Nubank says it is the fifth-largest financial institution in Brazil based on customer numbers.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.