Digital Assets: Brazilian Digital Bank NuBank To Float Own Crypto For Rewards Program

October 21, 2022 | Digital Assets, FinTech, News
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To be named Nucoin, the token from Nubank will launch in the first half of 2023.

Buffett-backed, Brazilian digital bank Nubank (NYSE: NU) announced Wednesday its plans to launch Nucoin, a digital token as “a new way to recognize customer loyalty and encourage engagement with Nubank products.” The move would also mark the neo bank’s move into crypto assets. (CNBC)

Nubank said it would form a forum group of 2,000 customers that would guide the development of the new token, as well as “explore a decentralized process of product creation, characteristic of Web3,” it said.

Nucoin is slated to roll out in the first half of 2023, and its holders would be eligible for discounts and other perks from the digital bank. It will be issued on top of Ethereum with the help of Polygon, a second layer that allows users and developers to take advantage of lower fees, and will be airdropped to all the customers of the bank free of charge. Polygon is claimed to support thousands of transactions per second.

“The project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app,” Fernando Czapski, general manager for Nucoin at Nubank, said in a statement.

“Nubank’s loyalty program, developed in partnership with Polygon, will bring the transformative benefits of blockchain technology to its customers, recognizing the changes taking place in the traditional financial world,” said Sandeep Nailwal, co-founder of Polygon.

In May, Nubank said it had invested 1% of holdings in bitcoin.

In September the Brazilian digital bank announced it had 70 million customers in LatAm and that about two million had traded cryptocurrencies through its app.

Related Story: Buffett-Backed Brazilian Fintech Nubank Aiming For $50B Valuation In U.S. IPO

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