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Though its billionaire owner has personally spoken out against digital assets many times, Berkshire Hathaway's investment may indicate the firm is more open to the idea.
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 would be used to continue its international expansion â the company recently launched in Colombia â as well as attract new executives from major tech companies. Nubank reported it has more than 40 million customers in Brazil, Mexico and Colombia.
Nubank CEO David VĂ©lez said the funding would help in âdemocratizing access to financial servicesâ across Latin America. He said that only half the people in the region have bank accounts, with roughly 21% using credit cards.
âNo 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,â said VĂ©lez.
Buffett has personally spoken on Bitcoin (BTC) and other cryptocurrencies previously, saying they âbasically have no valueâ and that he will never own any himself. In a shareholders meeting last month, vice chair Charlie Munger referred to crypto as âuseful to kidnappers and extortionists.â
However, over the last year, the multinational conglomerate has invested in more firms related to technology and beyond, including cloud technology company Snowflake. Berkshire Hathaway also holds billions of dollars worth of Apple and Amazon stock as of March 31.
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