Brazilian Neobank Nubank Partners with Circle to Expand USDC Access
Brazilian neobanking unicorn, Nubank, has announced a partnership with USDC issuer, Circle, to extend access to the USD-backed stablecoin in Brazil. Initially, USDC support will be launched on Nubank Cripto, the bank’s crypto platform, allowing Brazilian users to buy and hold the stablecoin. Future plans include integrating USDC with Nubank’s broader digital banking platforms to offer blockchain-based financial services. Nubank aims to provide its more than 85 million Brazilian customers with access to USDC across its products. The partnership also includes joint campaigns to promote knowledge about USDC in the Brazilian market.
Strong Demand for Access to USD
Nubank Cripto found that adding USDC to its app meets the demands of active crypto holders and keeps up with the platform’s evolution. According to Circle CEO Jeremy Allaire, there is a strong demand for access to dollars across Latin America, particularly in Brazil. The country has emerged as a driving force for digital currency adoption in the region. Nubank serves 90 million customers across Brazil, Mexico, and Colombia and has added 11 new crypto options to its platform this year. It launched crypto trading functions in May 2022 and introduced its own utility token called Nucoin.
Hot Take: Nubank Continues Crypto Expansion with Circle Partnership
Nubank’s partnership with Circle represents another step in its journey towards greater adoption of cryptocurrencies. By integrating USDC into its platforms, Nubank is providing its customers with access to a stablecoin backed by the US dollar. This move aligns with the growing demand for digital dollars in Brazil and Latin America as a whole. As a major digital financial platform in the region, Nubank is well-positioned to meet this demand and offer innovative blockchain-based financial services. With its strong customer base and strategic partnerships, Nubank is solidifying its position as a leader in the crypto space in Latin America.
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