NuBank (Brazil) Adds Bitcoin Cash For Investing Purposes

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Written by

Pantera

Bitcoin Is Cash

1 year ago

Topics: Bitcoin Cash, BCH, Investment, Investing, P2p, ...

More interesting news regarding the institutional adoption of Bitcoin Cash emerged recently from NuBank and its Brazilian department.

Nubank recently announced it added the Bitcoin Cash investing option for 80 million of its customers in Brazil through the Nu Crypto portfolio.

This is another big news coming from financial institutions for Bitcoin Cash as they include it as an investment option and signifying the importance finance gives to BCH as one of the big 4 cryptocurrencies.

Finance Bets On Bitcoin Cash

(NuBank Announcement - Source)

Lately, we have observed major financial institutions investing in the four leading cryptocurrencies:

Bitcoin (BTC)
Bitcoin Cash (BCH)
Litecoin (LTC)
Ethereum (ETH)

NuBank (Brazil) enters a long list of financial institutions offering Bitcoin Cash to millions of investors:

Grayscale (BCHG)
JPMorgan Chase & Co. (USA)
SBI Holdings (Japan)
21Shares (EU)
Interactive Brokers (currently for USA customers only)
Bancolombia (Colombia)
US Bank (US)
NuBank (Brazil)
EDX (apparently EDX removed the BCH option while writing this)

Bitcoin Cash is also supported by major payment processors:

BitPay
Rakuten (Japan)
GoCrypto
Rakuten (Japan) &
Paypal (US & UK)

Large Corporations And Top Internet Platforms adopt Bitcoin Cash:

The adoption of P2P Electronic Cash under the Bitcoin upgrade (Bitcoin Cash) is growing with odds of mass adoption better than ever before.

However, this investing phase does not suggest actual P2P integration but custodian services that hold access to the private keys.

Users are the ones who ultimately embrace cryptocurrency for payments, and this should be the focus instead of trading and financial bets.

Conclusion

This type of custodian/investing adoption is clearly not the non-custodial adoption of P2P Electronic Cash.

For people who are not familiar with cryptocurrencies and have only heard of Bitcoin (BTC) so far, the addition of Bitcoin Cash as an investing option will increase brand recognition.

While there are some benefits, this approach goes against the intended goal.

The purpose is to use cryptocurrency person to person (peer to peer).

Perhaps mainstream adoption is misinterpreted by financial institutions as the P2P function disappears without properly educating investors on the decentralized, permissionless, and censorship-resistant features of cryptocurrencies.