Cryptocurrency News

Berkshire Hathaway invests $500M in Brazilian digital bank

Brazilian digital bank Nubank has raised $500 million from Berkshire Hathaway, a multinational holding company run by billionaire Warren Buffett.

In an announcement from NuBank on Tuesday, the digital bank said The $500 million investment will be used to continue its international expansion. Recently launched in Colombia – Also attract new executives from major tech companies. NuBank reports that it has more than 40 million customers in Brazil, Mexico and Colombia.

NuBank CEO David Velez said the funding will help “democratize access to financial services” across Latin America. He said only half of the people in the region have bank accounts, of which about 21% use credit cards.

“No one thought it was possible to transform the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service,” Velez said.

buffett spoken personally on bitcoin (B T c) and other cryptocurrencies previously stated that they were “basically of no value” and would never own one. At last month’s shareholders meeting, Vice President Charlie Munger refer to crypto As “useful for kidnappers and extortionists”.

However, during the last year, the multinational conglomerate Invested in more technology-related firms And beyond that, including cloud technology company Snowflake. Berkshire Hathaway too holds Billions of dollars worth of Apple and Amazon stock as of March 31.