Nubank – the most major banking entity in Brazil and Latin America – reportedly disclosed details of its alliance with Paxos to release supporting features for direct crypto selling, purchasing and storing. 

Specifically, together with the introduction of the new cryptocurrency transaction offerings, Nubank also revealed its decision to dedicate approximately 1% of its net assets to Bitcoin (BTC) via the cashier of Nu Holdings – the firm that controls the Nubank Group.

“This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank further remarked. 

As revealed via a statement from Nubank, the purchase of Bitcoin and Ethereum (ETH) is potentially finalized from $ 0.20 (or 1 BRL) and will be made available in May. The full implementation of the crypto investment by the end of next months. 

“There is no doubt that cryptocurrencies are a growing trend in Latin America. We have been following the market closely and we believe that there is transformational potential in the region.” Nubank founder and CEO David Velez reportedly provided further explanation. 

Nubank additionally disclosed that the integration with cryptocurrencies has a primary target of widening and enhancing access to this developing market, ruling out complexity and friction for customers to purchase, hold and sell digital currencies via the app, without the necessity of setting up new accounts or transferring cash.

The firm further issued confirmation of its plans to widen its scope beyond the confines of BTC and ETH services in the long run but offered no elaboration on which assets will be included.

Via a set of APIs, Paxos will make it possible for Nubank to roll out crypto-enabled services to customers, as Mercado Livre and PayPal also do in partnership with Paxos.