The divergence between Brazil’s rejection of biometric-for-crypto models and the adoption of more privacy-friendly alternatives highlights a growing debate over how to implement secure identity systems without compromising civil liberties.
Brazil’s approach to cryptocurrency is evolving along two distinct paths. On one hand, fintech giant Nubank is expanding access to digital assets by adding four major altcoins to its platform, offering broader options to its 100 million customers. On the other hand, the country’s data protection agency is reinforcing its stance on privacy, upholding a ban on financial incentives for biometric data collection tied to the Worldcoin project.
Nubank Expands Crypto Portfolio with Four New Altcoins as Brazil’s Digital Asset Sector Heats Up
Latin America’s largest digital bank, Nubank, has made another bold move in the crypto arena by expanding its cryptocurrency offerings with the addition of four prominent altcoins: Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO). The announcement was made on March 25, signaling the bank’s continued commitment to digital assets as part of its long-term strategy, even as competition intensifies in Brazil’s growing crypto market.
This latest expansion brings Nubank Cripto’s total coin offerings to 20 and gives its 100 million clients in Brazil access to a broader range of digital assets. The four newly added tokens — with a combined market capitalization of $34.6 billion at the time of announcement — reflect a mix of proof-of-stake platforms and interoperability-focused networks, reinforcing Nubank’s focus on providing both depth and diversity in its crypto portfolio.
The inclusion of Cardano, Near Protocol, Cosmos, and Algorand comes at a time when Nubank is riding a wave of financial momentum. According to Statista, the bank’s revenue skyrocketed to nearly $3 billion by the end of 2024, a remarkable jump from just $245 million in the first quarter of 2021. This financial strength has allowed Nubank to aggressively expand its services, including its crypto platform launched in 2022.
The crypto integration began with major assets like Bitcoin (BTC), Ether (ETH), Solana (SOL), USD Coin (USDC), and XRP. Customers can currently buy, sell, and swap these digital assets through the Nubank Cripto interface, which has become a central feature of its super app ecosystem.
One of the key factors contributing to Nubank’s credibility is its backing from Warren Buffett’s Berkshire Hathaway. The renowned investment firm first injected $500 million into Nubank during its Series G funding round in 2021, followed by an additional $1 billion investment. From 2022 to 2024, Berkshire quietly increased its ownership stake in the bank from 0.1% to 0.4%, underlining Buffett’s sustained confidence in Nubank’s trajectory — even amid his historical skepticism toward cryptocurrencies.
While Buffett himself remains cautious about digital currencies, Nubank’s blend of fintech innovation and conservative financial governance seems to have struck a chord with his team. The bank has positioned itself as a disruptor in Latin America’s banking sector, while also embracing emerging technologies that resonate with a younger, tech-savvy demographic.
Brazil’s Booming Crypto Landscape
Nubank’s aggressive push into the crypto market mirrors the larger trend unfolding in Brazil, which is now the epicenter of digital asset adoption in Latin America. With a gross domestic product (GDP) of $5.4 trillion in 2024, Brazil is the region’s economic powerhouse. It also leads in crypto trading volume, recording $6 billion in crypto trades last year alone.
The local crypto market is heavily skewed toward stablecoins, which accounted for a staggering 90% of all digital asset transactions in 2024. But as interest in altcoins and decentralized platforms grows, platforms like Nubank are expanding their offerings to meet this demand.
Meanwhile, international players are making strategic inroads into Brazil. Binance became the first crypto exchange to secure a broker-dealer license in the country this January, while UK-based fintech Revolut launched its crypto services in Brazil to capitalize on the growing appetite for digital assets.
Nubank’s crypto journey has not been without its hiccups. In 2022, the bank announced it would allocate 1% of its net assets to Bitcoin as a way to signal its long-term commitment to blockchain technology. That same year, it launched a loyalty token program on the Polygon blockchain — an ambitious effort to gamify and reward user engagement. However, the initiative was quietly shelved in 2024.
Despite these setbacks, Nubank’s forward momentum remains largely unchallenged. With a massive customer base, a growing digital ecosystem, and deep-pocketed investors, the bank is well-positioned to shape the future of digital finance in Latin America.
Brazil Upholds Ban on Worldcoin Crypto Compensation, Citing Privacy Concerns Over Biometric Data Collection
In related news, Brazil’s National Data Protection Authority (ANPD) has reaffirmed its decision to suspend financial compensation tied to the controversial World ID project, effectively halting Tools For Humanity’s efforts to promote its biometric digital identity initiative in the country. The move represents a significant setback for Worldcoin’s global expansion, as regulators crack down on attempts to trade sensitive personal data for cryptocurrency.
In a formal announcement made on March 25, the ANPD rejected a petition by Tools For Humanity — the developer behind World ID and Worldcoin (WLD) — seeking to reverse the agency’s earlier ban on offering crypto rewards to users in exchange for iris scans. According to the translated statement, the agency will “maintain the suspension of the granting of financial compensation, in the form of cryptocurrency (Worldcoin – WLD) or in any other format, for any World ID created by collecting iris scans of personal data subjects in Brazil.”
The World ID project had only been active in Brazil for just over two months before the ANPD stepped in to ban all data collection efforts in January 2025. At the heart of the issue is whether financial incentives, particularly in the form of cryptocurrencies, can undermine a user’s capacity to make free and informed decisions about sharing highly sensitive information like iris biometrics.
The ANPD launched its investigation into Worldcoin in November 2024, voicing concerns that the use of crypto payments could skew the balance of consent, especially in a country with high levels of income inequality. Despite a global narrative around technological innovation and digital sovereignty, Brazil’s regulators are drawing a hard line on the monetization of personal data — especially when the data is of a biometric nature.
Tools For Humanity now faces a daily fine of 50,000 Brazilian reais (approximately $8,800) if it resumes any World ID-related operations in the country.
The idea of creating secure, verifiable digital identities has gained urgency as the internet becomes saturated with bots, deepfakes, and synthetic media. On platforms like X, it is estimated that up to 15% of accounts are bots. Meanwhile, generative AI is being increasingly used to create fake personas for online scams, as detailed in recent research by blockchain analytics firm Chainalysis.
World ID, based on biometric verification through iris scanning, was pitched as a solution to this problem — offering a way to authenticate real humans online. The digital passport created through World ID was meant to act as a privacy-preserving identity layer for decentralized applications and platforms in a world overrun by automated fraud.
However, Brazil’s regulatory pushback reveals a growing tension between privacy rights and digital authentication in the age of Web3. In countries with strong data protection frameworks, the tradeoff between biometric surveillance and financial incentives is proving to be a controversial one.
Emerging Alternatives and Privacy-Focused Solutions
As Tools For Humanity grapples with resistance in Brazil, other companies are stepping in with alternative digital identity frameworks that don’t require biometric input. Earlier this year, Billions Network launched a privacy-focused platform powered by zero-knowledge proof technology called Circom. Unlike Worldcoin, this solution enables user verification without exposing or storing sensitive personal data.
The platform has already caught the attention of major financial institutions, including HSBC and Deutsche Bank, which have tested the technology for potential applications in Know-Your-Customer (KYC) processes and identity verification for cross-border payments.
Source: https://coinpaper.com/8204/nubank-introduces-cardano-and-other-altcoins-to-100-million-users
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