Nubank has almost 1.8 million users after only a few months of existence.
Nubank grew to become Brazil’s fifth largest financial institution this year.
Nubank, a Brazilian digital bank, said in a press release on Monday that it had over 70 million users. Of particular note is that more than 1.8 million individuals utilize their cryptocurrency exchange, which was launched only a few months ago.
The majority of whom are native Brazilians. Aside from the more than 66 million Brazilian users, the digital bank has a strong presence in Mexico, with over 3 million members, and Colombia, with over half a million. Nubank grew to become Brazil’s fifth largest financial institution this year.
David Vélez, CEO and founder of Nubank said that
“Our accelerated growth is driven by a constant search for efficiency, which balances expansion, new products, and increased revenue per customer. Nubank is a project for the next decades and we remain firm in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico, and Colombia”
Brazil Advances Crypto Adoption
While various South American countries have been pursuing crypto-friendly regulations for years, Brazil is now the region’s number one and the world’s number seven in terms of crypto adoption, according to new research. Already in 2020, the country experience tremendous FinTech development, and according to Nubank’s most recent research, the rate of digital asset use is anticipated to rise.
Brazil also saw the launch of the region’s first security token (STO). Liquia Digital Assets introduced the “BR11” STO in 2018. The coin gets its name from the fact that it was launch with the support of 11 high-profile Brazilian tech startups.
Brazil, however, is far from the only South American country attempting to increase cryptocurrency adoption. For example, in 2021, El Salvador mandated that all companies in the country accept Bitcoin. Recently, the government of Argentina’s important wine-producing Mendoza province began accepting bitcoin tax payments.