Nubank partnered with Circle to offer USDC access, and Brazil\u2019s largest bank, Itau, has launched crypto trading.\n<\/p>\n
Two of Brazil\u2019s largest banks have announced efforts for their 195 million users to gain easier access to crypto.<\/p>\n
Brazil\u2019s largest bank by assets, Itau Unibanco, on Monday launched a cryptocurrency trading platform, reported<\/a> Reuters. <\/em>One day later, Nubank, the South American nation\u2019s fourth largest bank by users, started offering USDC access.<\/p>\n Initially, Itau will only offer Bitcoin<\/a> and Ethereum<\/a> trading, said digital asset head Guto Antunes, although it aims to add others later on, depending on how crypto regulation in Brazil evolves.<\/p>\n “It starts with bitcoin, but our overarching strategic plan is to expand to other crypto assets in the future,” he said.<\/p>\n Nubank, one of Latin America\u2019s largest neobanks, announced yesterday a partnership with crypto company Circle, to extend USDC<\/a> access for its 80 million Brazilian customers.<\/p>\n According to a press release<\/a> by Nubank, digital dollar access will be available through Nubank Cripto, the firm\u2019s crypto trading platform. The initial rollout is taking place in Brazil before extending to Mexico and Colombia, the two other markets where the neobank operates.<\/p>\n \u201cWe continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,\u201d said Jeremy Allaire, CEO and Co-Founder, at Circle.<\/p>\n Brazil is one of the largest countries in Latin America for cryptocurrency usage. Chainalysis\u2019 recent LatAm report<\/a> ranked it in second place for total crypto value received between June 2022 and July 2023, surpassing $75 billion.<\/p>\n Crypto penetration has reached 24% of the population, translating to roughly 51 million Brazilians, according to data from HedgeWithCrypto<\/a>, reported by Statista.<\/p>\nNubank Fires Back<\/strong><\/h2>\n
Strong Adoption<\/h2>\n
\n