Brazilian digital bank receives $500 million investment

Jay Crypto

Blogger

Apparently, the days in which billionaires were talking bad about cryptocurrencies are soon to be gone, following Berkshire Hathway’s huge investment in Brazilian digital bank Nubank.

Of course, we’re talking about Warren Buffet, the name behind the multinational holding company, who has spoken out numerous times against digital assets. But, somehow, it appears that he is starting to change his mind.

Funds for expansion

According to an official announcement made by Nubank earlier this week, the $500 million will be used to continue the international expansion process, following its recent launch in Columbia, but also attract new executives.

So far, the Brazilian digital bank has over 40 million customers in South America and CEO David Vélez is optimistic that they’re on the right path to democratize access to financial services across the entire continent.

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

What’s next for Warren Buffet?

We can all remember the billionaire personally speaking on Bitcoin and cryptocurrencies, in general, claiming that they “basically have no value” and that he will never buy any. Also, Berkshire Hathway vice-chairman Charlie Munger referred to digital assets as “useful to kidnappers and extortionists”, during last month’s shareholders’ meeting.

On the other hand, it’s not a secret that the conglomerate invested in multiple tech companies, so, from one point of view, their decision to give digital bank Nubank a shot could mean that they’re starting to reconsider their opinions over alternative money as well. But, at least for now, this remains just a presumption that could have a huge impact on the market if it becomes reality.