Brazil's Nubank to allow cryptocurrency transactions for clients

SAO PAULO, May 11 (Reuters) - Fintech Nubank will allow Brazilian customers to make cryptocurrency transactions on its banking app starting in May and said the company bought bitcoin of about 1% of its cash holding.

The new bank service will allow bitcoin and ether transactions starting at 1 real ($0.1950), the company said on Wednesday.

The feature will begin rolling out in May and will be available to all of the digital bank’s 50 million customers by June. Nubank said it has plans to add other cryptocurrencies in the long term.

Nubank did not disclose the exact amount of bitcoin it bought. According to the company’s latest earnings report, cash and equivalents position at the end of December was $2.7 billion.

$1 = 5.1290 reais Reporting by Beatriz Garcia; Editing by Bernard Orr