Berkshire Hathaway, the company led by CEO Warren Buffett, has invested $ 500 million in a pro-Bitcoin digital bank. Nubank says it will offer Bitcoin investments after acquiring brokerage company Easynvest, which offers trading in Brazil’s first Bitcoin Exchange Traded Fund (ETF).
Berkshire Hathaway invests in Pro-Bitcoin Digital Bank
Warren Buffett’s Berkshire Hathaway Inc. has invested $ 500 million in the parent company of Nubank, a Brazil-based bitcoin-friendly digital bank, the South American company said Tuesday. This is part of the bank’s Series G funding round that began in January. The bank said it also raised $ 250 from other investors.
Founded in 2013, Nubank claims to have 40 million customers, making it the largest digital bank in the world in terms of customer numbers. With the new investments, Nubank is “the most valuable digital bank in the world and one of the largest financial institutions in Latin America,” the announcement said. Reuters noted that the new investments put Nubank at a valuation of $ 30 billion, marginally below Banco Santander Brasil SA, Brazil’s No. 3 bank. The release earlier said the bank would get one later this year US IPO plans.
Pro-Bitcoin Nubank has repeatedly announced that it will offer Bitcoin investments to its customers after acquiring Easynvest, a brokerage company that offers a Bitcoin Exchange Traded Fund (ETF). Nubank received approval from the Brazilian central bank to buy Easynvest in May. Last week the bank renamed Easynvest to Easynvest by Nubank.
The Bitcoin ETF offered by Easynvest is QBTC11 from QR Asset Management. It was the first Bitcoin ETF to be approved by the Securities and Exchange Commission of Brazil (CVM). It is listed on the B3 exchange, one of the largest exchanges in Latin America and the second oldest in Brazil.
Nubank said Tuesday that it plans to use the money raised to fund its international expansion into Mexico and Colombia, launch new products and services, and hire more people.
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