Warren Buffett's investment holding company Berkshire Hathaway has invested $500m in Brazil's Nubank. The financing was a continuation of the Series G round, in which Nubank was valued at $30bn.
According to a press release, the digital bank will use the money from investors for international expansion and staff expansion.
"In terms of number of customers, Nubank is the largest digital bank in the world, with more than 40 million, with 45,000 new users joining every day during the first five months of 2021," it said in a statement.
In September 2020, Nubank acquired investment platform Easynvest. The Central Bank of Brazil approved the merger in May 2021 and the parties closed the deal on 2 June.
Easynvest manages $5 billion in assets and has 1.6 million customers. The platform offers users investments in digital assets and bitcoin-based exchange-traded funds.
Berkshire Hathaway executives have repeatedly criticised cryptocurrencies. In May 2021, Charles Munger, vice chairman of the holding company, said he hated bitcoin's success and called it "a financial asset invented out of thin air".
As a reminder, Buffett said in February 2020 that cryptocurrencies have no value and produce nothing. He stressed that he does not and never will own digital assets.
Munger previously ruled out investing in bitcoin because of its high volatility.
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