Nubank started selling cryptocurrencies last week and announced the name of the brand that should be taking over the new territory. This new activity came about after a collaboration between the largest digital bank and the company Paxos, which will mediate the negotiations.
According to the first information released by the institution, the first phase of the implementation of the novelty involves the purchase, sale and custody of cryptocurrencies directly on the customer’s account.
Withdrawal and deposit options for cryptocurrency are not yet enabled. Anyway, seeing a bank selling cryptocurrencies in Brazil is an unusual situation, given the past history of these institutions with companies and investors in the sector.
Nubank itself has already closed cryptocurrency investor accounts due to a lack of commercial interest.
After releasing purchases and sales, Nubank reveals the brand name that will work with cryptocurrencies
Nubank has made several requests for trademark registrations in recent days to the INPI, the autarchy that takes care of trademark registration in Brazil.
In all orders, Nubank says it will support cryptocurrencies either with brokerage services and negotiation mediation. For example, it was revealed that the digital currency arm of the digital bank will have a specific name: Nubank crypto (NuCripto)†
The trademark registration requests were made in late April, but the INPI didn’t disclose it until last week, when Nubank revealed its beginnings in space.
It is noteworthy that the trademark application even cites cryptocurrency mining, and it is not clear whether the digital bank plans to start this activity any time soon.
In addition to the NuCripto brand, Nubank Cripto was also registered by the digital bank, which did its best to protect its brand in Brazil in its orders.
It is worth remembering that when announcing cryptocurrency trading, Nubank also announced that it would buy bitcoin. Since Warren Buffett is an investor in the bank, many remembered that the billionaire now indirectly owns Bitcoin.
Nubank compares digital currencies to equity investments
In a material released to clear up doubts among users of its service, Nubank released a video on YouTube about cryptocurrencies.
During the explanation, the contents of the bank inform that cryptocurrencies are digital currencies, that is, buying a currency is similar to buying a dollar or euro.
After the initial presentation, however, Nubank’s video says that whoever buys it believes in their technology, just as stock market investors believe in companies when they make their investments.
Nubank goes on to say that it is important to start gradually and get to know cryptocurrencies as their value can fluctuate in the market.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
