Nubank Expands Crypto Offerings with Four New Altcoins

Highlights:

• Nubank has added new assets to its crypto platform for its customers.
• The revenue growth of the company has helped to support its crypto expansion plans.
• Brazil led Latin America in trading last year as stablecoins made up 90% of transactions.

Nubank has expanded its cryptocurrency offerings by adding four new altcoins to its platform. The digital bank, backed by Warren Buffett’s Berkshire Hathaway, announced on March 25 that it will now support Cardano, Near Protocol, Cosmos, and Algorand. This expansion brings the total number of cryptocurrencies available for its 100 million customers in Brazil to 20.

Latin America's fintech giant Nubank starts offering services with Cardano, Algorand https://t.co/YQpHmqWOH8

— Cardano Feed ($ADA) (@CardanoFeed) March 26, 2025

Nubank has been gradually expanding its crypto services since launching them in 2022. Initially, the platform featured major cryptocurrencies like Bitcoin, Ether, Solana, USD Coin, and XRP. Nubank offers customers the possibility to buy, sell, and even swap these digital assets through the Nubank app, making cryptocurrency trading more available for an increasing class of users.

Backing from Berkshire Hathaway and Financial Growth

The bank’s expansion into the cryptocurrency market comes as the bank is expanding its financial standing. Berkshire Hathaway, the bank’s key investor and founded by Warren Buffett, has a long-term belief in the bank’s vision. Berkshire Hathaway invested $500 million in Nubank’s Series G in 2021 before increasing the amount to $1 billion. The firm also increased its stake in Nubank from 0.1% to 0.4% between 2022 and 2024.

Over the past few years, the bank has had significant financial growth. Nubank’s revenue jumped from $245 million to close to $3 billion in 2024, according to data from Statista. The increase in revenue has helped Nubank grow its services as well as invest in digital assets. The bank has also been integrating cryptocurrency on its platform and allowing users to have a choice of holding digital assets in the bank’s ecosystem.

Besides growing its crypto offerings, Nubank also has been rewarding users. The bank brought in a feature in January that allowed a fixed 4% annual return on holding USD Coin (USDC). To qualify, customers are required to keep a minimum of 10 USDC in their crypto wallets, where the yields are disbursed every day. The idea behind this feature was to entice more users to the platform and provide extra incentives for users to hold their digital assets.

3/ Macro/TradFi (Cont.)@nubank, Latin America’s largest neobank, has launched access to its USDC-based rewards program to all of its customers. This program allows all users to earn a 4% yield on USDC in their wallets as long as they hold at least 10 USDC.

— Binance Research (@BinanceResearch) January 19, 2025

Brazil’s Crypto Market and Nubank’s Future Strategy

Brazil has turned into one of the largest players in the cryptocurrency market and has the highest trading volume in Latin America. Last year, the country had $6 billion in crypto trades and ranks among the most active in the region in 2024. On the other hand, stablecoins have dominated the role in Brazil, having made up 90% of all crypto transactions. Still, the interest in altcoins is growing, and financial institutions like Nubank are broadening their digital asset offerings.

Brazil’s crypto market has also attracted some other international companies to join. Binance became the first crypto exchange to get a broker–dealer license in the country to operate in January 2025. At the same time, UK-based fintech Revolut announced the launch of its crypto services in Brazil, targeting a slice of the growing market.

While Nubank has made several moves in the crypto space, not all of the initiatives have been successful. In 2022, the bank pledged to allocate 1% of its net assets to Bitcoin as part of its commitment to blockchain technology. It also launched a loyalty token program on the Polygon blockchain in that same year, which was discontinued in 2024. Nubank ended Nucoin trading in September due to the volatile nature of the market.