Berkshire Hathaway, the company led by CEO Warren Buffett, has invested $500 million in a pro-bitcoin digital financial institution. Nubank says it is going to provide bitcoin funding following its acquisition of brokerage agency Easynvest which affords the buying and selling of Brazil’s first bitcoin exchange-traded fund (ETF).
Berkshire Hathaway Invests in Pro-Bitcoin Digital Bank
Warren Buffett’s Berkshire Hathaway Inc. has invested $500 million in the mother or father company of Nubank, a Brazil-based bitcoin-friendly digital financial institution, the South American company introduced Tuesday. This is a part of the financial institution’s Series G funding spherical which started in January. The financial institution stated it additionally raised $250 from different buyers.
Founded in 2013, Nubank says it has 40 million clients, making it the biggest digital financial institution in the world in phrases of the variety of shoppers. With the brand new investments, Nubank has grow to be “the most valuable digital bank in the world and one of the largest financial institutions in Latin America,” the announcement particulars. Reuters famous that the brand new investments give Nubank a $30 billion valuation, which is just barely lower than Banco Santander Brasil SA, Brazil’s no. 3 financial institution. The publication beforehand reported that the financial institution is planning a U.S. stock market itemizing as quickly as this year.
The pro-bitcoin Nubank has repeatedly stated it will likely be providing bitcoin funding to clients following the acquisition of Easynvest, a brokerage agency that provides a bitcoin exchange-traded fund (ETF). Nubank acquired authorization from Brazil’s central financial institution to buy Easynvest in May. Last week, the financial institution rebranded Easynvest to Easynvest by Nubank.
The bitcoin ETF provided by Easynvest is QBTC11 by QR Asset Management. It was the primary bitcoin ETF authorized by the Securities and Exchange Commission of Brazil (CVM). It is listed on the B3 stock trade, one of many largest stock exchanges in Latin America and the second oldest in Brazil.
Nubank stated Tuesday that it plans to make use of the money raised to fund its worldwide growth to Mexico and Colombia, launch new services, and hire extra workers.
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