Market Analysis Report (27 Jul 2022)

Brazil’s largest digital bank by market value, Nubank, has reached 1 million users on its cryptocurrency trading platform merely a month after launching it in June. The company hoped to reach the milestone within a year of launching the platform, Nucripto.

Nucripto quickly became available to Nubank’s 46.5 million users in June, allowing them to buy and sell bitcoin and ether through a crypto-trading and custody service provided by Paxos’ blockchain infrastructure.

In May, the company announced it would be allocating 1% of the cash on its balance sheet to BTC to demonstrate its belief in cryptocurrency.

Last week, Brazil’s largest private bank, Itaú Unibanco, said it plans to launch an asset tokenization platform that transforms traditional finance products into tokens. In December Mercado Libre, Latin America’s largest e-commerce company, started allowing users in Brazil to buy, sell, and hold cryptocurrencies.