Too soon to use Nu for bitcoin yet — I see no bitcoin integration in their Mexican mobile app yet. Hopefully their devs are working on it and it will be available soon.
They do however offer 14.5% APY on MXN holdings — 15% if you lock it up for 4 weeks. I guess Nu get a lot of yield from their 99.9% APR on their credit card (not a misprint: 99.9% APR! sheesh! And I thought 20% was bad!), and share a fraction of it in exchange for collateralizing their business. Credit costs in Latin America are crazy. I guess the banks justify it by high default rates, but there appears to be a fair amount of egregious usury happening, usury which has long been outlawed in developed economies.
diasporic
npub1dq…s4hcw
2024-07-05 14:14:32
in reply to nevent1q…cckr
Author Public Key
npub1dq54g02mvmuy46ga77qzpwe0tf86sedppecelpstad20myt5s20sss4hcwPublished at
2024-07-05 14:14:32Event JSON
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"content": "Too soon to use Nu for bitcoin yet — I see no bitcoin integration in their Mexican mobile app yet. Hopefully their devs are working on it and it will be available soon.\n\nThey do however offer 14.5% APY on MXN holdings — 15% if you lock it up for 4 weeks. I guess Nu get a lot of yield from their 99.9% APR on their credit card (not a misprint: 99.9% APR! sheesh! And I thought 20% was bad!), and share a fraction of it in exchange for collateralizing their business. Credit costs in Latin America are crazy. I guess the banks justify it by high default rates, but there appears to be a fair amount of egregious usury happening, usury which has long been outlawed in developed economies.",
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