David Vélez, CEO of Nubank, confirmed in a recent interview that the digital bank is eyeing initiatives such as asset tokenization and the international PIX, especially in Latin American countries.
All this observation of financial trends stems from the fact that the bank knows the development agenda of the Central Bank of Brazil.
For Vélez, as a company in the sector, Nubank is aligned with the move of the Brazilian monetary authority. With operations in countries such as Colombia and Mexico, the bank is trying to bring regulators closer to the reality of Brazil, where most of its activities are concentrated.
Nubank looks at tokenization and international PIX
David Veléz stated that Nubank reinvests profits to develop its products and spoke to NeoFeed in an exclusive interview.
With the extremely profitable Brazilian operation, the bank is aiming for more news for customers in the coming years, according to the CEO.
When asked about the asset tokenization, Nubank’s CEO stated that the bank is attentive to the central bank’s development agenda, which prioritizes the use of technology to increase the efficiency of companies in the marketplace for the benefit of consumers.
In addition, Nubank hopes to be the bridge connecting PIX Internacional, an instant payment solution in Brazil, to countries like Mexico and Colombia.
For the year 2023, the digital bank expects to grow its products even more. In 2022, one of the solutions launched was cryptocurrency trading for its clients.
Nubank can once again take over cryptocurrency exchanges and banks to create tokens
Faced with Brazilian banks in recent years, Nubank today also competes with cryptocurrency brokers. While it does not allow crypto withdrawals and deposits for its customers, investors have been buying bitcoin through its digital banking solution.
If Nubank starts symbolizing assets in the future, it is possible that it will again compete with cryptocurrency brokers and banks.
That is because brokers such as Mercado Bitcoin and Liqi already symbolize assets in the market. In addition, banks such as Itaú, Bradesco and Santander already have plans for tokenization.
That is, an eventual entry of Nubank into the sector could fuel token issuance in Brazil. And this is a market where the Securities and Exchange Commission has acted harshly, requiring guarantees from companies.
It is worth noting that the launch of the digital Real, in CBDC format, should also include asset tokenization, bringing benefits to banks in the sector.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
