Digital bank Revolut, which already offers crypto investments across Europe, is now open for business in Brazil.
Revolut is making its first foray into Latin America, attempting to tap into Brazil’s growing demand for crypto assets, the bank said in an emailed announcement on Tuesday.
Crypto users in Brazil number some 10 million, according to Revolut’s announcement.
“Our mission is to unlock a borderless economy with financial products that are accessible and easy to use and that allow our customers to use their money efficiently,” CEO Nik Stronsky said. “We will start with the global account and crypto investments, but this is just the beginning.”
Revolut has around 29 million customers worldwide and is looking to carve out a share in Latin America’s most populous country, where digital bank Nubank is entrenches as the market leader with around 70 million customers. Nubank introduced crypto trading last June, hitting 1 million users only a month later.
Read More: Brazilian Investment Bank BTG Pactual Unveils Dollar-Backed Stablecoin