Nubank taps Fireblocks to elevate crypto custody services
Nubank (NUN.MX), the largest Brazilian digital bank, has formed a partnership with digital asset custody platform Fireblocks to increase its institutional-grade exposure within its blockchain-based product offerings.
By tapping into Fireblocks’ technology, Nubank aims to elevate its existing custody services to an enterprise-grade level, ensuring utmost security and governance standards. The integration will grant Nubank access to Fireblocks’ extensive network, facilitating direct connectivity to liquidity providers.
Additionally, Fireblocks offers a modular and scalable infrastructure that empowers Nubank’s engineers to develop new user experiences in the future. This connectivity promises to streamline settlement processes, fortify operational security, and minimize manual errors.
Notably, Nubank is involved to some extent in Brazil’s Digital Real project, and this partnership with Fireblocks opens up possibilities for further contributions to the initiative.
Nubank, which is owned by Warren Buffet, partnered last year with the New York-based exchange and stablecoin issuer Paxos for an exclusive in-app crypto trading experience. In particular, the US-listed broker’s customers are now able to buy, hold and sell a handful of crypto assets — Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Nubank’s foray into the digital asset space is noteworthy due to the firm’s reputation for serving more sophisticated clients. The fintech – whose 50 million users make it one of the world’s largest digital banks – debuted on the New York Stock Exchange in 2021 in a listing that floated it as Latin America’s most valuable financial institution, worth $52 billion.
“Nubank has always put their customers in control of their financial life by embracing the forefront of financial technology. By integrating Fireblocks into their platform, we look forward to the groundbreaking new products they will have in store for their customers next,” said Michael Shaulov, co-founder & CEO of Fireblocks.
By leveraging Fireblocks’ secure network, financial firms can safely transfer digital assets between exchanges, custodians, counterparties and other portfolios, while expanding its reach to hundreds of institutional participants. With the Fireblocks network, users are able to find and connect with some of the largest crypto and financial institutions without taking counterparty risk.
Additionally, joining the Fireblocks network will allow Nubank to make instant settlements with their counterparties. Over 400 participants are already active on the network, including banks, OTCs, asset managers, liquidity providers, exchanges, lending desks, brokers, market makers, clearinghouses, and custodians.