Banks Getting Into Crypto Amid Ongoing Bear Market

• by Artem
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• October 21, 2022
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• Cryptocurrency News

Customers will be able to purchase and trade 100 cryptocurrencies through a service launched by Berlin-based neobank N26. Nubank, the most prominent fintech bank in Latin America, too joined the trend and introduced its cryptocurrency in Brazil. Interestingly, the bank has financial support from Berkshire Hathaway, the giant holding firm led by renowned investor and crypto skeptic Warren Buffett.

Even if the crypto industry experiences a considerable decrease in 2022, some banks still are optimistic about it. The German N26 is one such instance, which collaborated with Bitpanda to allow 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 following six months. Additionally, the business intends to increase the supported coins to 194 in the future.

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

BianRosa emphasized the “very strong working relationship” between N26 and watchdogs. They have already been told about the impending service and permitted by the institution. A further press release disclosed that the Brazilian startup in digital banking, Nubank, will 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 business described the upcoming offering as “a new way to recognize customer loyalty and encourage engagement with Nubank products.”

Before officially releasing the product, the company will choose 2,000 people to test 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. It serves more than 52 million people in Brazil, and Mexico and Colombia each have over 1.5 million users. Warren Buffett’s massive investment firm Berkshire Hathaway acquired stocks in the company 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.