Nubank Introduces Cardano, Algorand Services in Fintech Expansion

Brazilian digital bank Nubank has enlarged its range of cryptocurrencies, now supporting ADA, NEAR, ATOM, and ALGO.

Nubank, a Brazilian digital bank serving over 85 million customers, is broadening its crypto offerings with the addition of four new tokens. This gives clients of its crypto division, Nubank Cripto, access to Cardano (ADA), NEAR Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO).

This expansion brings Nubank's crypto portfolio to a total of 20 assets, including Bitcoin (BTC), Ethereum (ETH), and the USD Coin (USDC) stablecoin, among others. Thomaz Fortes, executive director of Nubank's crypto and virtual assets division, stated that the company intends to keep "expanding our selection of tokens throughout the year, always with a careful analysis of the options."

In January, Nubank introduced a fixed 4% annual return for USDC holders, making this feature accessible to all crypto wallet users. To qualify, customers must maintain a minimum balance of 10 USDC in their crypto wallets. Daily crediting of returns is available, and users can activate or deactivate the feature via the Nubank app.

Nubank has been striving to expand its crypto offerings, though not all attempts have been successful. For example, in September 2024, the bank abruptly ceased trading its Nucoin token, citing the need to shield users from market volatility. Nucoin was launched by the bank in late 2022 on the Polygon network as part of a rewards program that offered benefits such as discounts.