Brazil-Based Neobank Nubank to Launch Own Cryptocurrency as Part of Loyalty Program

Nubank, 1 of the largest integer banks successful the world, has announced it volition contented its ain cryptocurrency during the archetypal fractional of 2023. The currency, called Nucoin, volition beryllium issued connected apical of Ethereum with the assistance of Polygon, a 2nd furniture that allows users and developers to instrumentality vantage of little fees, and volition beryllium airdropped to each the customers of the bank.

Nubank to Launch Nucoin successful 2023

Nubank, the biggest integer slope extracurricular of Asia, revealed its plans to delve deeper into the integer system done the issuance of its ain coin. The Brazil-based institution, which besides has offices each crossed Latam, volition contented its ain token, called Nucoin. The token volition beryllium issued connected apical of Ethereum, and volition usage Polygon, a scaling layer, to let its users to transact with debased fees.

This determination is directed astatine ramping up the loyalty and benefits programme of the bank. The issuance of the token is projected to hap during the archetypal fractional of 2023. While the institution did not specify whether this token would person a marketplace value, it did explicate that the nucoins would beryllium utile for customers to entree discount prices for Nubank’s products and services.

Motivations and Similar Initiatives successful Latam

For Fernando Czapski, Senior Director and General Manager astatine Nubank, this volition let the institution to support innovating successful its cryptocurrency usage. Czapski stated:

This task is 1 much measurement that we instrumentality due to the fact that we judge successful the transformative imaginable of blockchain exertion and successful democratizing it adjacent more, going beyond the purchase, merchantability and attraction of cryptocurrencies successful our application.

Nubank’s involvement successful cryptocurrency is not new. The neobank was 1 of the archetypal that introduced cryptocurrency trading services successful Brazil, successful May. Many much followed, including companies similar Picpay, Rico, and Itau Unibanco. At the aforesaid time, the institution announced it was holding bitcoin arsenic portion of its treasury.

The institution announced it was offering its services to much than 54 cardinal customers successful June. In September, Nubank issued a property merchandise stating that it was present serving 70 cardinal customers successful Latam and that astir 2 cardinal had purchased crypto utilizing its services.

Mercado Libre, different e-commerce and fintech services elephantine successful the area, besides launched its ain cryptocurrency, called Mercadocoin, successful August, and it is already disposable for trading.

What bash you deliberation astir Nubank’s projected caller token Nucoin? Tell america successful the comments conception below.

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