#What Does Michael Rihani's Appointment Mean for Nubank?
Michael Rihani has been appointed as the Head of Crypto at Nubank, Brazil's leading digital bank, following his tenure at Coinbase. This appointment is significant as Rihani brings a wealth of knowledge and experience from his previous role overseeing non-trading products at Coinbase, where he played a crucial part in the launch of Bitcoin-backed loans amounting to nearly $1 billion.
In his new position at Nubank, Rihani will report to the executive director of crypto and digital assets. His focus will be on enhancing the Nubank Crypto platform, which offers digital asset services tailored to the needs of a growing customer base. As of September 22, the platform facilitates direct card payments in USDT and USDC, which represent approximately 90% of the crypto transactions in Brazil. This illustrates Nubank's commitment to capitalizing on the increasing interest in cryptocurrencies among Brazilian consumers.
Furthermore, Nubank has integrated the Bitcoin Lightning Network into its operations, enhancing payment efficiency for its 100 million customers across Latin America. This integration not only streamlines transactions but positions Nubank as a forward-thinking leader in the digital finance space.
With over 60% of Brazil's adult population as its customers and a market valuation exceeding $75 billion as of September, Nubank's ongoing expansion into digital asset services is strategically significant. Rihani's expertise will likely accelerate this growth, driving Nubank’s influence in the Latin American financial landscape as it embraces the crypto revolution.