Brazil’s Nubank, the largest digital banking platform in the country with a customer base exceeding 123 million, has announced the appointment of Michael Rihani as its new Head of Crypto. Rihani, who recently departed from Coinbase, played a pivotal role at the U.S.-based cryptocurrency exchange, particularly overseeing non-trading products and facilitating the launch of nearly $1 billion in Bitcoin-backed loans.
In his new position, Rihani will report directly to Nubank’s executive director of crypto and digital assets. His primary focus will be on furthering the capabilities of the Nubank Crypto platform, dedicated to enhancing digital asset services as the company seeks to expand its footprint in the burgeoning Latin American market.
Under Rihani’s leadership, Nubank aims to bolster its crypto offerings, including enabling direct card payments with popular stablecoins such as USDT and USDC. As of late September, these stablecoins represented a significant portion, accounting for 90% of cryptocurrency transactions within Brazil. Additionally, the Nubank platform has seamlessly integrated Bitcoin’s Lightning Network, thus facilitating efficient payment processing for its extensive customer base across Latin America.
Nubank’s digital banking services have managed to capture more than 60% of Brazil’s adult population, and the company boasts a market capitalization that surpasses $75 billion. Rihani’s appointment comes at a pivotal time, reflecting Nubank’s ongoing commitment to enhancing its digital asset services and solidifying its position as a leader in the financial technology sector of the region. This strategic move not only underscores the growing importance of cryptocurrency in Brazil but also highlights Nubank’s ambitions to leverage this trend as it evolves its innovative banking solutions to meet the needs of a rapidly changing financial landscape.
