Brazil-based financial services platform Nubank has introduced a cryptocurrency transfer feature with improved security. This feature allows customers to send and receive crypto assets, specifically Bitcoin, Ethereum, and Solana, directly from their wallets.

The rollout is gradual, with plans to include more cryptocurrencies and networks in the future. Between March 2023 and March 2024, Nubank achieved a significant increase in transaction volume, positioning it as an important crypto platform in the country. This new functionality is part of Nubank's strategy to meet customer needs by simplifying the process and giving users more control over their crypto assets.

The new feature incorporates a pricing structure designed to stabilise the typical fluctuations of blockchain transactions, aiming to offer competitive fees alongside the standard Nubank experience. Nubank is collaborating with Chainalysis, a blockchain data platform, to enhance compliance and security for all crypto transactions. This partnership helps monitor blockchain addresses and detect any suspicious or illicit activities, reinforcing transaction security and efficiency.

Nubank's use of blockchain technology supports asset tokenization, smart contract execution, and rapid transfers, contributing to a secure and efficient transaction environment. Furthermore, this initiative aligns with Nubank’s goal to provide reliable and secure services to its customers. What else has Nubank been up to? In April 2024, Nubank released Nubank+ to offer users cashback, free withdrawals, and free streaming via a partnership with Max.

Nubank+ represented an evolution of the Nu experience, as it offered user benefits such as cashback, streaming, free withdrawals, and more. The partnership with Max in Brazil was part of the Nubank+ benefits package, offering access to the streaming platform at no extra cost for the first 12 months, on the Basic Plan with ads, highlighting Nu’s focus on promoting unique experiences for customers. In the same month, Nubank integrated the NuInvest platform into the Nubank application.

This integration, planned over several months, consolidated a diverse portfolio of assets into the Nubank application, promising a more intuitive and secure experience. The updated application offered additional security layers and a dedicated investment space, distinct from other banking features, facilitating portfolio selection, visualisation, and monitoring. Representatives from Nubank's Investments area noted the expansion of asset offerings and improvements in user experience within the application.

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