05/12/2023 – 15:13
Nubank announced this Tuesday, 5th, that it will offer the digital dollar (USDC) as one of the virtual currency options sold on its application. The new feature will arrive in stages for customers.
The launch was announced at the Cryptocurrency Workshop held at the institution’s headquarters in São Paulo (SP). For the bank’s crypto area leader, Thomaz Fortes, the inclusion of Circle’s USDC in the portfolio solves a long-standing customer need.
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“The integration of USDC with Nubank Cripto opens up great opportunities not only for customers interested in having this digital dollar in their wallet. Based on this offer, we began to study future possibilities for integrating our service with others available in our app,” he stated.
The asset is a stablecoin, that is, a virtual currency backed by a traditional market asset, in this case the US dollar. “We continue to see strong demand across Latin America for access to the digital dollar, especially in Brazil, which has stood out as a driving force for the use and adoption of cryptocurrencies in the region,” comments Jeremy Allaire, CEO and co-founder from Circle.
During the presentation, the results of fintech in the area of cryptos were shown: in 2022, there were more than R$1.5 billion in movement of digital assets between withdrawals and deposits. Nubank’s crypto platform has more than 1.6 million active users.
Company implements intelligent routing system to reduce transaction costs
Another new feature announced is the partnership with Talos, a digital asset trading system, to offer a liquidity routing service for these assets, which will reduce transaction costs and ensure that the customer always gets the best value at the time. to negotiate their values.
With the new feature, the institution will have the ability to seek liquidity from local providers in native Brazilian Real pairs, as well as from global partners for US dollar pairs.
On-chain transfer will be launched in 2024
Another new feature long awaited by customers that will come to fruition is the possibility of transferring amounts between the customer’s virtual wallets. Still without many details, Nubank’s crypto area stated that the technology will be ready in the first quarter of 2024.
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