Warren Buffett-backed Nubank hits 1 million crypto users in less than a month

Brazilian challenger bank Nubank has announced hitting one million cryptocurrency users in the country barely a month after launching the service. 

Nubank’s CEO and co-founder David Vélez confirmed the milestone noting they expected to hit the target in a year considering the ongoing crypto winter, NeoFeed reportedon August 1. 

“We are super impressed with the speed. It was a goal for a year of operation, and we reached it in three weeks,” Vélez said. 

The crypto service dubbed Nucripto was launched in May this year to 46.5 million Nubank users. Through the platform, customers can buy and sell Bitcoin (BTC) and Ethereum (ETH) via a crypto trading and custody service provided by Paxos’ infrastructure. There are also plans to add more assets in the coming days.

Growing belief in cryptocurrencies 

At the launch, Nubank, backed by billionaire Warren Buffet announced a plan to allocate about 1% of the cash on its balance sheet to Bitcoin. The decision was to highlight the bank’s support and belief in cryptocurrencies.

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