Nubank, a leading Latin American financial institution backed by Warren Buffett’s Berkshire Hathaway, announced on March 25, 2025, that it is expanding its cryptocurrency offerings by adding four altcoins to its portfolio. The new additions—Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO)—will bring Nubank Cripto’s total coin offerings to 20, making it a more competitive player in Brazil's flourishing crypto landscape.
This announcement comes at a time when the combined market capitalization of the four new cryptocurrencies was estimated at $34.6 billion. The decision to broaden its digital asset portfolio reflects Nubank’s commitment to providing more options to its 100 million clients in Brazil and capitalizing on the growing interest in cryptocurrencies.
Since embarking on its digital assets journey in 2022, Nubank has steadily engaged its users in the world of cryptocurrencies. At that time, it announced the allocation of 1% of its net assets to Bitcoin and began offering crypto services. The inclusion of the new altcoins is a significant step forward from its previous offerings, which included Bitcoin (BTC), Ether (ETH), Solana (SOL), USDC (USDC), and XRP (XRP).
Lately, Nubank's revenue has seen compelling growth, rising to nearly $3 billion by the end of 2024, up from a mere $245 million in the first quarter of 2021—demonstrating an impressive trajectory. This growth not only solidifies Nubank's position in the market but also underscores a strong interest in digital banking and cryptocurrency in a region traditionally dominated by physical assets.
The economic backdrop in Brazil, which boasts a gross domestic product (GDP) of approximately $5.4 trillion in 2024, plays a vital role in the cryptocurrency boom. Brazil has emerged as the largest economy in Latin America and has recently led the region in crypto trading volume, with around $6 billion traded last year alone.
Nubank’s strategic expansion into digital assets comes with challenges as well. The company faces competition from other fintech players such as Binance, which made history in January 2025 as the first crypto exchange to secure a broker-dealer license in Brazil, and UK-based Revolut, which has also entered the Brazilian crypto market. These developments signify an increasingly competitive landscape in the nation's financial sector.
To navigate this competitive environment, Nubank revealed plans in October 2022 to launch loyalty tokens on the Polygon blockchain, although this service was discontinued in 2024. However, the company remains focused on enhancing its overall crypto services, signaling its intent to adapt quickly to market changes and consumer demands.
Warren Buffett’s backing through Berkshire Hathaway has further bolstered Nubank's reputation. Berkshire initially invested $500 million in Nubank’s Series G funding round in 2021, which was followed by an additional $1 billion. The investment has empowered Nubank to innovate in digital finance, securing its standing as a leader among Latin American fintech companies.
With stablecoins accounting for roughly 90% of all crypto transactions in Brazil, Nubank seems well-positioned to leverage the popularity of alternative currencies. The robust growth of cryptocurrencies in Brazil echoes a broader acceptance and incorporation of digital currencies in global finance.
As Nubank enhances its crypto offerings, the company also considers evolving regulatory frameworks, as Brazilian lawmakers are contemplating allowing salary payments in Bitcoin. Such a move could significantly harmonize traditional financial structures with emerging digital assets, a transformative prospect for both consumers and companies.
In a statement regarding this latest expansion, a representative from Nubank affirmed, "Our strategy is to provide the best crypto options for our clients as the market evolves." This commitment to client service underpins Nubank's approach to diversifying its offerings and staying ahead in a rapidly changing financial ecosystem.
Overall, Nubank’s proactive measures in increasing its cryptocurrency portfolio and navigating the dynamic fintech landscape demonstrate a strategic vision targeting not just financial growth, but also sustaining engagement with its vast client base. As digital assets continue to reshape financial paradigms in Brazil and beyond, Nubank's role will likely become more prominent amidst fierce competition and evolving regulatory landscapes.
