Several non-crypto financial companies have announced or started operating crypto ventures in Brazil recently. In July, the Brazilian fintech PicPay announced its plans to launch a crypto exchange and a Brazilian real-tied stablecoin in 2022, while in December, Mercado Libre, Latin America’s largest e-commerce company by market value, started allowing users in Brazil to buy, sell and hold cryptocurrencies.

On Tuesday, Nubank, the largest Brazilian digital bank by market value, announced it reached one million users on its crypto trading platform just one month after launching in June.