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Nubank introduces cryptocurrency transfer functionality
Financial services platform based in Brazil Nubank introduced a cryptocurrency transfer feature with enhanced security.
This feature allows customers to send and receive crypto assets, specifically Bitcoin, Ethereum, and Solana, directly from their wallets. The launch is gradual, with plans to include more cryptocurrencies and networks in the future. Between March 2023 and March 2024, Nubank achieved a significant increase in transaction volume, positioning itself as a major crypto platform in the country. This new feature is part of Nubank’s strategy to meet customer needs by simplifying the process and giving users more control over their crypto assets.
The new feature incorporates a pricing structure designed to stabilize the fluctuations typical of blockchain transactions, with the aim of offering competitive fees alongside the standard Nubank experience. Nubank is partnering with Chainalysis, a blockchain data platform, to improve compliance and security for all crypto transactions. This partnership helps monitor blockchain addresses and detect any suspicious or illicit activity, strengthening the security and efficiency of transactions.
Nubank’s use of blockchain technology supports asset tokenization, smart contract execution and fast transfers, contributing to a secure and efficient transaction environment. Furthermore, this initiative is in line with Nubank’s goal of providing reliable and secure services to its customers.
What else has Nubank been up to?
In April 2024, Nubank has released Nubank+ to offer users cashback, free withdrawals and free streaming through a partnership with Max. Nubank+ was an evolution of the Nu experience, offering users benefits such as cashback, streaming, free withdrawals and more.
The partnership with Max in Brazil was part of the Nubank+ benefits package, offering access to the streaming platform at no additional cost for the first 12 months, in the Basic Plan with ads, highlighting Nu’s focus on promoting unique customer experiences.
In the same month, Nubank has integrated the NuInvest platform in the Nubank application. This integration, planned over several months, consolidated a diverse portfolio of assets into the Nubank application, promising a more intuitive and secure experience. The updated application offered additional layers of security and a dedicated investment space, distinct from other banking features, making it easier to select, view and monitor your portfolio. Nubank Investments representatives noted the expansion of the asset offering and improvements in the user experience within the application.