Latin American Fintech Giant Nubank Enables Bitcoin Withdrawals and Deposits: Report

São Paulo-based Nubank announced the launch of a new feature that allows withdrawals and deposits of Bitcoin and cryptocurrencies.

With this latest move, customers will now be able to send and receive Bitcoin, Ethereum, and Solana using the Nubank app. The withdrawal and deposit options are now available, allowing users to check the functionality on the app’s main crypto screen.

Nubank Adds Bitcoin and Cryptocurrency Features to App

The launch includes an initial selection of three cryptocurrencies, but Nubank plans to add support for more in the near future.

According to the report by Livecoins, users are advised to consider some important points before completing a transaction. For one, withdrawals may be subject to variable fees depending on the chosen network, and crypto transactions may take approximately 60 minutes.

A loosely translated statement from the bank reads,

“We are releasing the Withdrawal and Deposit options, and you can check if you already have the new functionality on the main crypto screen of the app. For now, it’s possible to send and receive Bitcoin, Ethereum, and Solana, but we plan to add new coins soon.”

Users are also required to verify if the selected network and currency are supported by the Nubank wallet. The Brazilian bank emphasizes the importance of ensuring that assets are sent to supported networks and correct addresses, as incorrect transfers may result in irreversible loss of funds.

Brazil’s Crypto Landscape

Nubank’s latest feature, enabling withdrawals and deposits of Bitcoin and cryptocurrencies, is poised to boost Brazil’s growing crypto environment further. As the largest fintech bank in Latin America, with a massive customer base of 80.4 million in Brazil and additional millions in Mexico and Colombia, Nubank’s move into cryptocurrency signals a significant step in mainstream acceptance.

The latest development closely follows Brazil’s largest bank, Itau Unibanco’s, debut in the cryptocurrency exchange market in early December 2023.

Brazil is one of the top Latin American countries with a high level of cryptocurrency adoption. Additionally, it is one of three nations showing strong “grassroots adoption” and is ranked within the top 20 on Chainalysis’ Global Crypto Adoption Index.