Nubank announced in its application the introduction of USDC, a digital version of the dollar. The launch, carried out in partnership with Circle, responds to growing demand from Brazilian users for the stablecoin, one of the most traded in the world.
Moreover, it appears from a communication to the LivecoinsNubank stated that it will allow cryptocurrency withdrawals starting next year.
The new offering, which will be gradually made available to customers in Brazil, not only diversifies the cryptocurrency options in the application, but also signals a major expansion of Nubank in the digital asset sector.
USDC is known for its peg to the US dollar and offers a more stable and less volatile alternative compared to other cryptocurrencies.
Thomaz Fortes, Executive Director of Nubank Cripto, highlights the opportunities offered by USDC integration: “With this new addition, we begin to explore future integrations of Nubank Cripto with other financial services available in our app, with the aim of offering our users even more options and flexibility.”
Cryptocurrency withdrawals at Nubank
Since the launch of the option to purchase cryptocurrencies in 2022, Brazil’s Bitcoin community has raised concerns about the Nubank service, which still does not allow withdrawals or deposits of digital assets.
This limitation is seen as a problem for customers who want to use Bitcoin because if the user does not have access to Bitcoin, bitcoins may not exist.
Brazilian Bitcoin community member Seiiti Arata highlighted this issue in a post on Twitter. He said he is offering discounts on a course for those who pay with Bitcoin, especially during the Black Friday sale.
However, those who have Bitcoin on Nubank cannot use the currency to make payments as the bank’s platform does not allow withdrawals. Arata criticized Nubank’s cryptocurrency sales, considering it a disservice because it prevents customers from effectively using the bitcoins they think they have purchased.
😡I was nervous.@nubank see the DISSERVICE you perform by selling FAKE bitcoin.
My customers want to buy the Black Friday offer, which is only available to those who pay in BTC
And then they simply can’t USE the bitcoins they think they bought from you.
How is that? pic.twitter.com/z7dsLXPAYQ
— Seiiti Arata (@seiitiarata) November 24, 2022
Nubank therefore seems to have heard the community’s criticism and is paving the way for users to effectively withdraw and use their cryptocurrencies, which can also help users confirm that those bitcoins really exist.
USDC
Nubank and Circle are planning joint campaigns to raise awareness about USDC in the Brazilian market, with the aim of democratizing its use and highlighting its security and transparency.
Jeremy Allaire, CEO and co-founder of Circle, points to the growing demand for digital dollars in Latin America, especially in Brazil, a leading market for cryptocurrency adoption in the region.
In 2023, Nubank Cripto has already added 11 new cryptocurrencies, bringing its portfolio to a total of 15 digital assets, including Nucoin, a loyalty token.
The platform has also focused on improving operational efficiency and reducing costs for clients through strategic partnerships such as with Talos, a global leader in digital asset trading technology.
To strengthen the security of the user experience, Nubank has implemented Fireblocks software for managing digital asset operations, developed a proprietary custody solution and adhered to strict governance practices in the crypto-asset sector.
The integration with Fireblocks also optimizes the cryptocurrency buying and selling process, ensuring an efficient and automated flow.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
