This article is from cointelegraph.com.br and the original article can be read here in Portuguese
In an interview with Valor, published this Thursday (9), the co-founder of Nubank David Velez revealed that the company has several teams linked to cryptocurrencies and blockchain and that Nubank wants to invest and focus on these disruptive technologies in the coming years, but declined to give details about these projects.
The entrepreneur extolled the potential of cryptocurrencies and blockchain technology, which he called the most disruptive phenomenon in the global financial sector over the next ten years. What, according to him, motivated the fintech to set aside 1% of their balance sheet in Bitcoin.
He argued that there is a lot of inefficiency in the financial sector and that the interest rates charged by the market for money transfers from one country to another are expensive, which can be overcome by cryptocurrencies and blockchain, technologies that have the potential to reduce financial services costs globally.
The banker, however, warned that there is “too much noise” in the cryptocurrency market, “too much noise and too many tokens that makes no sense. A lot of things that don’t make any sense”, reasons that led the bank to restrict the crypto assets offered to customers. In the case the Bitcoin (BTC) and Ether (ETH), announced by Nubank in early May through a partnership with Paxos.
Regarding the investment of 1% of the company’s cash in cryptocurrencies, David VĂ©lez justified that it is a demonstration of the bank’s alignment with its customers, since cryptocurrencies entered the fintech offering package, although the fact that the technology is very new represents an impediment to higher percentages in the short term.
Regulation
Vélez, which at the end of May ruled out layoffs at Nubank and revealed that customers are abandoning savings to adopt cryptocurrencies, added that the regulation can be good in the sense of giving birth to consolidated cryptoassets in the market. Which, according to him, does not happen with the United States, which would be far behind in this approach. But the businessman did not hide that he is afraid of regulation framework for cryptocurrencies in Brazil “will make no mistake” and the weight of legislation “killing innovation.”
Last Tuesday (7), the rapporteur of the Bill that regulates “virtual assets in Brazil (PL 4401/2021) in the Chamber of Deputies, Expedito Netto (PSD-RO), signaled that the text approved in the Senate may have been too heavy in relation. The congressman ended up barring the vote on the proposal, on an emergency basis, as reported by the Cointelegraph Brazil.
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