Nubank confirms that it will join cryptocurrencies

Nubank co-founder David Vélez, in a recent interview with Valor, spoke about the cryptocurrencies and blockchain technology, which have great potential to expand people’s financial inclusion, especially in the context of international transactions.

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According to Vélez, the reason the digital bank decided to allocate 1% of the company’s cash to this investment category is just one: digital currencies can operate as true “disruptive” phenomena of the world financial system. “It’s something we want to invest in and focus on in the coming years,” said the executive.

Nubank cryptocurrency investment

Since May 11, Nubank began to offer, via app, the option of investing in cryptocurrencies to customers. According to Vélez, investing part of the institution’s cash is a way to ensure the best alignment with the bank’s account holders.

On the other hand, the banker made it clear that the technology, in fact, being quite new, can still generate risks. That’s why only 1% of the bank’s equity is being directed and distributed little by little, in a gradual way.

And to ensure the proper functioning of this segment, the bank has several teams working on projects related to cryptocurrencies and blockchain. Currently, the institution only trades Bitcoin and Ethereum.

Regarding the regulation

When asked about the cryptocurrency regulation process, Vélez stated that there are two biases: the good and the bad. The good part is that the asset is recognized, no longer part of the “informal market”. The downside is that if there is a lot of regulatory pressure on e-money, the innovation side may be compromised.

Currently, the Bill (PL) 3.825/2019 is being processed in the country, which seeks to regulate the cryptocurrency market in the national territory. According to financial experts, this decision can facilitate the work of brokers to attract more and more investors, in addition to acting directly in the fight against crimes and fraud.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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