Nubank, the largest Brazilian digital bank by market value, has registered an all-time high crypto user count on its app recently. The financial institution has logged over 1.8 million Brazilian users to its crypto platform, according to its latest press release.
The bank clarified that the number represented users who purchased a minimum of one crypto using Nubank’s app.
News about the bank’s crypto trading platform first broke in May this year, and the launch was announced in late June.
The new high represents a stark rise in the popularity of the bank’s crypto services. Nubank made it to the 1 million mark as recently as 27 July 2022. A survey-based report by Gemini, titled “2022 Global State of Crypto report,” concluded that countries experiencing long-term hyperinflation, like those in Latin America, including Brazil, saw a majority of respondents define crypto as the future of money.
Nubank’s pro-crypto stance has helped it reach 70 million customers for its banking services in the broader Latin America region.
The CEO and founder of Nubank, David Vélez, noted that the company’s “accelerated growth is driven by a constant search for efficiency, which balances expansion, new products and revenue growth per customer.”
