Nubank announced a new milestone in its operations, stating that it reached 70 million customers in Latin America, making it one of the largest financial institutions of its kind in Brazil.

The company also announced that nearly 2 million of its customers have already used the platform to invest in cryptocurrencies.

Latam has become a breeding ground for companies providing cryptocurrency-based services due to its unique set of circumstances. Nubank, a digital neobank, recently reached a milestone in the region, announcing that it now serves 70 million customers.

Most of these customers, as expected, are based in Brazil. However, the bank has also managed to enter other markets, such as Mexico, where the company has 3.2 million customers, and Colombia, with 400,000 customers.

The company’s products that have experienced the most significant growth include Money Boxes, which are investment and planning options, registering over 1.7 million users as investors. Another area that has driven Nubank’s growth is its cryptocurrency division, which allows customers to buy, hold and sell digital assets in the same application.

According to a press release, more than 1.8 million customers have already made at least one cryptocurrency purchase using the Nubank app.

About the company’s growth and the services offered, David Velez, CEO and founder of Nubank, stated:

“Our accelerated growth is driven by an ongoing drive for efficiency that balances expansion, new products and increased revenue per customer. Nubank is a project for the coming decades and we remain steadfast in our purpose of freeing all people from any complexity in financial services in Brazil, Mexico and Colombia.”

The crypto market thrives in Brazil

In June, the company opened its cryptocurrency services to more than 54 million customers in Brazil, also maintaining bitcoin as part of its balance sheet. This announcement opened the door for more companies in Brazil to follow in Nubank’s footsteps and also enter the crypto market.

One of the company’s biggest rivals is Mercado Livre, which started offering crypto services last year, and which recently issued its own cryptocurrency, called Mercado Coin.

Other companies that have followed suit include Rico, a financial brokerage platform that aims to offer cryptocurrency services from 2023 onwards, and Picpay, a payments platform that plans to roll out its own stablecoin based on the Brazilian real.

Know more: Brazil is the seventh country in crypto adoption in the world

Even traditional banks like Santander have announced that they will include cryptocurrencies in their portfolio of services in the coming months. However, the market is still not regulated in the country, since the national bill on the subject has not yet been discussed by Congress due to issues related to the elections.

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