Digital banks start offering cryptocurrencies and take exclusivity from exchanges

Change in the crypto market has made this investment more affordable

Estimated reading time: 3 minutes

Although the big Brazilian banks have lived in friction with cryptocurrency exchanges, they have now entered the crypto market headfirst. Thus, in the last two years, most banking institutions operating in Brazil have started to offer digital currencies or investment products related to them on their platforms.

This is the case with Banco do Brasil, Inter and Itaú Unibanco, where customers can find cryptocurrency funds. In contrast, XP and Nubank users can buy and sell Bitcoin (BTC) and altcoins (a term for any crypto other than BTC) through the websites and apps.

Demand

Therefore, the entry of banks in the cryptocurrency sector, which were seen as a “geek thing”, comes to meet the demand of investors. According to a study by Sherlock Communications from March this year, 25% of Brazilians want to acquire crypto in the next 12 months. In 2021, Visa released a survey where 40% of those who have cryptos would switch their bank for one that offers products related to digital assets.

The virtual currency market, according to aggregator CoinMarketCap, is valued at nearly $1 trillion. Thus, banking institutions are keeping an eye on this fat market, which is positive for investors, who now have more options to acquire cryptocurrencies. Furthermore, the procedure to buy Bitcoin and altcoins in banking institutions is very similar to that of brokers. However, there are slight differences.

How to buy cryptocurrencies

To buy cryptocurrencies in digital banks, you need to open a bank account, which can be done quickly over the internet. Thus, generally, it is enough to fill in some personal data, such as full name, CPF and RG, in addition to sending a photo.

In this way, it is enough to use the existing balance, or deposit through Pix from an external account, to acquire the available cryptocurrencies. However, digital banks still do not make it possible to buy using stablecoins, or any other crypto asset. Therefore, they only accept trades in reais.

In short, purchased cryptocurrencies stay in the account and can be settled back into common currency at any time, but cannot be transferred prior to conversion.

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Image: Chinnapong / shutterstock.com

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