According to Bloomberg, Latin America's largest digital bank and crypto-friendly bank Nubank is facing a "name crisis" due to new regulations. The Central Bank of Brazil has prohibited companies without a banking license from using the term "bank" in their branding. To retain the name "Nubank," the company is seeking to acquire a small bank with a formal banking license, with potential targets including Banco Digimais. Nubank currently has 110 million users in Brazil, with a market value exceeding $80 billion, and is subject to higher-level regulation.
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According to Bloomberg, Latin America's largest digital bank and crypto-friendly bank Nubank is facing a "name crisis" due to new regulations. The Central Bank of Brazil has prohibited companies without a banking license from using the term "bank" in their branding. To retain the name "Nubank," the company is seeking to acquire a small bank with a formal banking license, with potential targets including Banco Digimais. Nubank currently has 110 million users in Brazil, with a market value exceeding $80 billion, and is subject to higher-level regulation.