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Berkshire Hathaway Invests in Pro-Bitcoin Digital Bank

Berkshire Hathaway invested $500 million in a pro-bitcoin digital bank. In addition, Nubank announces it will offer bitcoin investment succeeding its acquisition of brokerage firm Easynvest which implements the trading of Brazil’s first bitcoin exchange-traded fund (ETF).

A Pro-Bitcoin Bank

The South American company announced Tuesday that Warren Buffett’s Berkshire Hathaway Inc. had bought $500 million Nubank, a Brazil-based bitcoin-friendly digital bank. This is a component of the bank’s Series G funding round, which began in January. The bank announced it also brought up $250 from different investors.

Founded in 2013, Nubank says it has 40 million customers; making it the most prominent digital bank globally in terms of the number of clients. With the new investments, Nubank has matured into “the most valuable digital bank in the world. The bank also became one of the largest financial institutions in Latin America,” the statement details. 

berkshire hathaway
Nubank Headquarter in São Paulo | Source Image:

Reuters remarked that the new ventures give Nubank a $30 billion valuation. For instance, the news media earlier published that the bank is preparing for a U.S. stock market listing within this year.

Expanding Boundaries

The pro-bitcoin Nubank has often stated it would be extending the bitcoin venture to clients pursuing the procurement of Easynvest; a brokerage firm that provides a bitcoin exchange-traded fund (ETF). 

Nubank acquired approval from Brazil’s central bank to purchase Easynvest in May. The bank recently renamed Easynvest to Easynvest by Nubank.

The bitcoin ETF presented by Easynvest is QBTC11 by QR Asset Management. It was the first bitcoin ETF authorized by the Securities and Exchange Commission of Brazil (CVM). It is listed on the B3 stock exchange—one of the largest stock exchanges in Latin America and the second oldest in Brazil.

Nubank announced Tuesday to use the money raised to fund its international development to Mexico and Colombia. In conclusion, the firm is also planning to launch new products and services and hire more employees.

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