DDespite being in the midst of “crypto winter”, things are looking pretty good for Nubank’s new cryptocurrency platform. After launching Nubank Cripto in June, the São Paulo-based digital bank reported that the new platform has already attracted 1 million customers to buy cryptocurrencies.
The platform allows users to buy and sell bitcoin and ether through a cryptocurrency trading and custody service provided by the Paxos blockchain infrastructure. In May, the company announced that it would allocate approximately 1% of its balance sheet cash to bitcoin to demonstrate its commitment to the cryptocurrency, regardless of bad headlines.
“By removing complexity, Nubank has a value proposition that permeates all of our products,” Thomaz Fortes, general manager of Nubank’s cryptocurrency business, said in a statement. “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 enter.”
The company seeks to take advantage of the growing trend of crypto use in Latin America. Co-founder and CEO of Nubank David Vélez said in a statement that “cryptocurrencies are a growing trend in Latin America, one that we have been following closely and believe will have a transformative impact on the region,” before adding that the experience of trading cryptocurrencies remains “very specific, as users Clients lack information to feel confident to enter this new market or simply feel frustrated by complex experiences”.
Nubank is the 11th largest holding in EMQQ Global’s Next Frontier Internet and Electronic Trading ETF (FMQQ)which is designed to provide exposure to the Internet and e-commerce sectors within the developing world.
Focusing on the Internet and e-commerce in emerging markets, FMQQ seeks to provide investment results that, before fees and expenses, generally correspond to the price performance and performance of the Next Frontier Internet and Ecommerce Index. Index) (FMQQetf.com).
FMQQ has no holdings in China. Securities must meet a minimum of $300 million market capitalization and pass a liquidity screen that requires an average daily turnover of $1 million.
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