Why Brazil’s Nubank Snagging Coinbase’s Crypto Maestro Could Trigger a Game-Changing Revolution in Finance!
When a digital banking giant like Brazil’s Nubank swoops up a former Coinbase director as their new Head of Crypto, you’ve got to wonder—are we witnessing the dawn of a crypto revolution in Latin America, or just another savvy play in the fintech chess game? Michael Rihani, fresh off steering nearly a billion dollars in Bitcoin-backed loans at Coinbase, is now steering the ship at Nubank, a financial powerhouse boasting over 123 million customers. His mission? To turbocharge Nubank’s crypto platform, integrating stablecoins and the blazing-fast Bitcoin Lightning Network right into the everyday lives of millions. As Nubank tightens its grip on over 60% of Brazil’s adult population, this move signals a seismic shift toward mainstream digital asset adoption in the region. Intrigued by how this veteran’s expertise will reshape the crypto landscape for Nubank’s massive user base?
Nubank’s hire of a seasoned crypto leader accelerates its commitment to stablecoin payments and digital asset innovation in Latin America.
Photo: Nu Bank
Key Takeaways
- Nubank, Brazil’s largest digital bank, named Michael Rihani, ex-Coinbase director, as Head of Crypto.
- Rihani oversaw non-trading products and helped launch nearly $1 billion in Bitcoin-backed loans at Coinbase.
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Brazil’s Nubank, a digital financial services platform with over 123 million customers, appointed Michael Rihani as Head of Crypto today. Rihani recently left his role at Coinbase, the US-based cryptocurrency exchange, where he led non-trading products.
Rihani will report to Nubank’s executive director of crypto and digital assets, focusing on advancing the Nubank Crypto platform for digital asset services. His departure from Coinbase on September 23 highlighted his role in launching Bitcoin-backed loans nearing $1 billion in onchain originations.
Nubank’s crypto service now allows direct card payments with USDT and USDC stablecoins, which account for 90% of local crypto usage in Brazil as of September 22. The platform has integrated Bitcoin’s Lightning Network for payments among its 100 million Latin American customers.
Nubank holds over 60% of Brazil’s adult population as customers and maintains a market cap exceeding $75 billion as of September. The appointment signals the company’s continued expansion into digital asset services in the Latin American market.
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