Digital banking giant Revolut is making its Latin American debut, entering Brazil’s rapidly growing crypto market and taking on market leader Nubank.
In recent news, digital banking powerhouse Revolut is expanding its presence to Brazil, opening its doors to the nation’s burgeoning demand for cryptocurrency investments. This move marks the bank’s first venture into the Latin American market, where it aims to compete with established players like Nubank.
According to a recent announcement, Revolut revealed that there are approximately 10 million crypto users in Brazil, highlighting the tremendous potential for growth.
CEO Nik Stronsky emphasized the company’s commitment to providing accessible and user-friendly financial products that promote a borderless economy.
While the initial focus will be on global accounts and crypto investments, Stronsky thinks that this move is just the beginning.
With 29 million customers worldwide, Revolut is eager to establish a foothold in Latin America’s largest country.
The company will face stiff competition from digital banking giant Nubank, which has already captured a significant portion of the market with around 70 million customers.
Nubank began offering cryptocurrency trading in June of last year, and within just a month, had attracted 1 million users.
As Revolut sets its sights on Brazil’s thriving digital banking sector, it is clear that the race to secure a dominant position in the crypto-investment landscape is heating up.