With over 85 million clients in Brazil and 6 million in Mexico and Colombia, Nubank, the biggest digital bank in Latin America, now offers holders of USDC stablecoin a 4% yearly return on their holdings.
Following a group test last year, Nubank announced on its blog on January 14 that it has extended its incentive program to all users. However, customers must keep a minimum balance of $10 USDC in their cryptocurrency wallets to qualify for this incentive.
Nubank Introduces Crypto Swap Feature
Users must click “I Want to Participate” to start the process after navigating to the cryptocurrency wallet section within the bank app; they can also opt out or in at any time. The bank stated that USDC was chosen because the stablecoin comprises 30% of its crypto customers’ portfolios.
“Over 50% of our new cryptocurrency users selected USDC as their initial digital asset,” the bank stated. The rewards are available immediately, and users can turn the feature on or off within the bank’s app.
Additionally, users can trade or exchange the incentives they receive immediately. Nubank’s USDC reward aligns with its mission to offer its users various benefits of using its cryptocurrency wallet.
Despite some setbacks, the bank continues to expand its crypto-related offerings. For example, in September 2024, the bank halted trading on its Nucoin token, explaining that it did so to shield users from market fluctuations.
In November 2024, Nubank introduced a new crypto feature: a swap tool for users to exchange their Bitcoin (BTC), Solana (SOL), Ethereum (ETH), or Uniswap (UNI) for USDC.
Incorporating the Lightning Network
Also, Lightspark and Nubank partnered to introduce the Bitcoin Lightning Network (BLN) to their clients and platforms. The Lightning Network is accessible to institutions through APIs, Lightspark SDKs, and developer tools.
The BLN enables low-cost, near real-time Bitcoin and cash transactions to achieve the maximum transaction success rates. The Latin American bank stated that this offering and other ones aim to offer the best solutions for its customers and prove that it wants to build a long-term relationship with them.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
