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Cryptopolitan 2025-01-15 01:47:37

Nubank expands rewards feature for USDC holders, offering 4% annual returns

Brazil-based digital bank platform Nubank is rolling out a new feature to all its crypto users. The bank will offer rewards for holding the digital dollar USDC. This includes daily returns on a minimum balance of 10 USDC, with a fixed annual rate of 4%. The feature’s expansion comes after the success of a pilot program that tested variable rates with a select group of users over the past year. Customers need to access the bank app’s crypto wallet and click “I Want to Participate” to begin receiving rewards. However, users can easily opt-in and out at any time. Returns are credited automatically each day, and liquidity is immediate. USDC is a stablecoin pegged to the US dollar. It is backed by highly liquid assets and redeemable at a 1:1 ratio for USD. Its reserves are publicly verifiable, making it less volatile than other cryptocurrencies. In 2024, the amount of USDC held by Nubank customers grew tenfold, with USDC now representing 30% of users’ crypto portfolios. More than half of new Nubank Crypto users chose USDC as their first digital asset. Nubank launches crypto swap feature with lower fees for BTC, ETH, SOL, and UNI Late last year, Nubank announced the ability to trade Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or Uniswap (UNI) for digital dollars in USDC and vice versa. This feature comes with reduced fees. The feature is Integrated with Nubank Crypto and simplifies currency transactions through direct exchange. At the time, Thomaz Fortes, Executive Director of Cryptocurrencies and Digital Assets at Nubank, said that customers demand swaps as they start including crypto assets in their strategies. He noted: The initial implementation involving USDC and the four most popular cryptos is a way to ensure potential profits from value appreciation without losing market position and with a lower fee than selling for value in reais. Thomaz Fortes Nubank integrates Bitcoin Lightning Network into its platform Recently, Nubank partnered with Lightspark to bring the Bitcoin Lightning Network to its platform and customers. Lightspark SDKs, APIs, and developer tools enable institutions to tap into the Lightning Network. This enables near real-time, low-cost Bitcoin and fiat transactions by optimizing liquidity requirements and routing in real-time to reach the highest transaction success rates. Nubank, one of the largest digital banking platforms outside of Asia, serves over 100 million customers across Brazil, Mexico, and Colombia. The company initially began as a zero-fee credit card managed by a mobile app. It has since expanded into a full-service banking entity, providing various services, including investments and insurance. From Zero to Web3 Pro: Your 90-Day Career Launch Plan

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