Nubank integrates with Fireblocks to expand blockchain solutions
The modular structure of Fireblocks technology also enables the development of proprietary custody, ensuring total security for the assets of Nubank Cripto customers, and advancements in the pilot project of Real Digital tokenized currency
Jul 12 , 2023
São Paulo, July 12, 2023 – Nubank, one of the world’s largest digital financial services platforms, announces another strategic technology provider to develop new blockchain solutions. It will expand the Nubank Cripto experience, the company’s in-app solution for buying and selling cryptocurrencies, currently available to Nu customers in Brazil.
Nubank signed a contract with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain. This US-based company has developed a modular platform for creating innovative blockchain products and securely managing transactions involving crypto assets.
Effective immediately, Fireblocks’ battle-tested, resilient, and scalable infrastructure empowers Nubank’s dedicated engineering team working on Nubank Cripto to leverage the Fireblocks platform and create new experiences using blockchain technology and the disruptive potential of cryptocurrencies. One significant advancement includes Nu’s involvement in the tokenized currency Real Digital pilot project in Brazil. Nubank was among the selected participants to simulate transactions with the Brazilian Central Bank’s Digital Currency (CBDC) and the digital representations (tokens) of Electronic Currency (MEt) and Federal Public Securities (TPFt).
“With Fireblocks as our chosen digital asset infrastructure provider, Nubank reaffirms our long-term commitment to creating value for our customers with blockchain technology. It’s a world full of opportunities to implement real innovations in Brazil and Latin America’s financial system. We aim to be at the forefront of this movement, simplifying complexities and giving our customers control over their financial lives,” says Thomaz Fortes, general manager of Nubank Cripto.
“On the global stage, Latin America, and especially Brazil, has embraced the potential of crypto finance and made huge strides in harnessing the power of digital assets,” said Michael Shaulov, Co-founder & CEO of Fireblocks. “Nubank has always put their customers in control of their financial life by embracing the forefront of financial technology. By integrating Fireblocks into their platform, we look forward to the groundbreaking new products they will have in store for their customers next.”
Proprietary custody: Enhanced security for Nubank Cripto customers
By using the Fireblocks platform, Nu not only expands its blockchain solutions but also paves the way for the company to develop its own custody solution for its Nubank Cripto customers’ crypto assets. This new technology, already globally embraced by major players in the crypto custodian industry, ensures that Nubank users benefit from the best governance practices.
“Having institutional custody of crypto assets within the Nubank environment means our customers gain even more security in protecting their digital assets,” adds Thomaz Fortes.
Through the partnership with Fireblocks, the settlement of purchases and sales in Nubank Cripto can be facilitated by the Fireblocks Network feature, an integral part of the platform, which connects the largest consortium of regulated financial institutions that have implemented digital assets on the blockchain. The Fireblocks Network enables Nubank to securely and efficiently access its liquidity partners to settle transactions.
With operations on six continents and offices situated in nine countries, including the US, Israel, Brazil, UK, Singapore, Hong Kong, Switzerland, Germany and France, and serving a client base of over 1.8 thousand corporate clients, Fireblocks has already facilitated transactions involving more than $4 trillion in digital assets.
For media inquiries, please reach out to email@example.com and firstname.lastname@example.org.
Instituto Nu and Descomplica launch a technology education program that can impact 10,000 socially vulnerable people
Instituto Nu celebrates more than 4,000 vacancies in technology courses and announces entrepreneurship vertical