These Banks Are Investing In Crypto Despite the Current Bear Market

The most recent banks to join the bitcoin bandwagon are Brazil’s Nubank and Germany’s N26 mobile bank.

Customers will be able to purchase and trade 100 cryptocurrencies via a service launched by Berlin-based neobank N26.

Nubank, the biggest fintech bank in Latin America, too joined the trend and introduced its own cryptocurrency in Brazil. It’s interesting to note that the bank has financial support from Berkshire Hathaway, the giant holding firm led by renowned investor and crypto sceptic Warren Buffett.

Cryptocurrency interest “Remains Super High”

Even if the crypto industry has seen a big decrease in 2022, some banks still have high hopes for it. The German N26 is one such instance, which collaborated with Bitpanda to let its customers to trade 100 digital currencies, including Bitcoin (BTC) and Ether (ETH).

The N26 Crypto service will launch in Austria before expanding to other nations over the next six months. Additionally, the business intends to eventually increase the supported coins to 194 in the future.

Chief Product Officer Gilles BianRosa argued that the service lets users “dip their toes into the water in a way that’s not frothy.” He said that despite the crypto winter, customers are still interested in bitcoin and other alternative coins:

“Our users are extremely interested in crypto. That interest remains super high, even in a bear market.”

According to the CEO, N26 is optimistic about the future of cryptocurrency. “It’s not like we’re trying to time the launch on how the market is doing,” he affirmed.

The “very strong working relationship” between N26 and watchdogs was emphasised by BianRosa. They have already been told about the impending service and given permission by the institution.

Nubank’s Action

A different press release said that the Brazilian startup in digital banking, Nubank, would introduce its own cryptocurrency in the nation. The Nucoin token, which is based on Polygon, is anticipated to launch in the early part of 2023. The company described the upcoming product as “a new way to recognise customer loyalty and encourage engagement with Nubank products.”

Before the product is officially released, the company will choose 2,000 people to try it out and provide feedback on its advantages and disadvantages.

Nubank, which has its headquarters in Sao Paulo, is the largest fintech bank in the region. In Brazil, it serves more than 52 million people, while Mexico and Colombia each have over 1.5 million subscribers.

Stocks in the company were acquired by Warren Buffett’s massive investment firm Berkshire Hathaway earlier this year for $1 billion. Since he is a staunch opponent of bitcoin, the contact between the renowned investor and the crypto-friendly bank surprised everyone.

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