Warren Buffett-backed Nubank enables crypto withdrawals for BTC, ETH, SOL

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Nubank, Brazil’s premier digital bank backed by Warren Buffett, has allowed customers to withdraw Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) directly from their Nubank Wallet. With this update, users can now send and receive these crypto assets seamlessly via the bank’s app.

JUST IN: 🇧🇷 Brazil’s largest digital bank Nubank now allows customers to withdraw their #Bitcoin pic.twitter.com/fNSJ6IoK2W

— Bitcoin Magazine (@BitcoinMagazine) April 23, 2024

According to information shared by Bitcoin Magazine, Nubank also disclosed plans to support additional cryptos in the future, though it has not specified which ones.

Nubank’s latest move is a significant step in the integration of crypto into conventional banking services in Brazil and reflects the increasing global acceptance of digital assets. The expectation is that this development will encourage other financial institutions to incorporate cryptocurrency transaction capabilities into their services.

The announcement of support for crypto withdrawals comes several months after Nubank revealed its plans to offer these options in December last year. The latest development is considered Nubank’s ongoing efforts to establish itself as a leading financial institution in Latin America.

Nubank announced trading support for Bitcoin and Ethereum in partnership with blockchain infrastructure firm Paxos in May 2022. At the time, Nubank-owner Nu Holdings also reported allocating around 1% of its cash to Bitcoin.

In 2021, Buffett’s company, Berkshire Hathaway, purchased 107 million shares of Nu Holdings for a total investment of $750 million. This turned out to be Berkshire Hathaway’s best-performing stock of that year, with a 93% gain.

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