Brazil's cryptocurrency market has experienced explosive growth, with stablecoins accounting for a staggering 90% of all crypto transactions, positioning the country as the leader in crypto trading volume in Latin America with $6 billion traded in 2024.

As the largest economy in Latin America, Brazil's GDP reached approximately $5.4 trillion in 2024, prompting lawmakers to consider legislation that would permit salary payments in Bitcoin.

Nubank, a prominent Brazilian fintech, ventured into digital assets in 2022, allocating 1% of its net assets to Bitcoin and launching various crypto services.

With a client base of 100 million in Brazil, Nubank's platform enables users to buy, sell, and swap a diverse range of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and Solana (SOL).

Backed by Berkshire Hathaway, Nubank has expanded its cryptocurrency offerings to include four additional altcoins—Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO)—bringing its total portfolio to 20 coins.

Nubank's financial performance has been remarkable, with revenue soaring to nearly $3 billion by the end of 2024, a dramatic increase from $245 million in the first quarter of 2021, representing a quarterly revenue growth of 1124% in less than four years.

Berkshire Hathaway has made substantial investments in Nubank, initially committing $500 million in 2021 and later adding another $1 billion, which raised its ownership stake from 0.1% to 0.4% between 2022 and 2024.

In January 2025, Binance made history by becoming the first crypto exchange to obtain a broker-dealer license in Brazil, while UK fintech Revolut also entered the Brazilian crypto market, highlighting the growing interest in digital assets.