Addressing Brazil's Growing Crypto Community
According to an announcement by Revolut, there are currently around 10 million crypto users in Brazil. The bank's expansion into the region demonstrates a strategic effort to meet the needs of this rapidly growing market.
Revolute's Mission for a Borderless Economy
CEO Nik Stronsky stated that Revolut's mission is to create a borderless economy with accessible, user-friendly financial products. The launch in Brazil begins with a global account and crypto investment services, but the company plans further expansion.
Competing with Nubank in the Brazilian Market
Revolut, boasting 29 million customers worldwide, seeks to establish a presence in Latin America's most populous country. In Brazil, digital bank Nubank dominates the market, with approximately 70 million customers. Nubank introduced crypto trading in June last year and gained 1 million users within a month.