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Warren Buffett-backed Nubank, a Brazil-based neobank that debuted crypto trading options back in May 2022 on its platform, has announced the launch of nucoin, its own cryptocurrency. A portion of the first batch of the currency, issued on top of Polygon’s network, will be issued to customers as an airdrop, and for cashback purposes.
Warren Buffett-backed Nubank, one of the largest digital neobanks in Latam, has announced the issuance of its own cryptocurrency called nucoin. The token, which is issued on top of the Polygon network, will be sent to end users by the institution, with 80% of the total issuance directed to customers.
According to local reports, nucoin will be the key to several activities in the future, including the establishment of a cashback program, with users receiving rewards in the form of tokens, and the realization of internal nucoin raffles. Nucoin will not have a secondary market, as transactions with the token will only be available on Nubank’s platform.
Nucoin is already available to some of the 70 million customers the exchange reported reaching back in September, with nearly 2 million buying crypto. The starting price of the currency (if it will have a specific price) was not made public by Nubank.
According to reports from local outlets, Nubank will present additional options involving the currency, including staking programs that will allow customers to lock their nucoins to receive more nucoins over a period of time, or to receive more tickets for internal raffles. There will reportedly be a future option to exchange nucoins for cash via the platform.
The issuance and launch of nucoin does not come as a surprise to anyone, since the company has been working on this initiative since October, when Fernando Czapski, senior director and general manager of Nubank, stated that the company believed in “the transformative potential of blockchain technology” ” and in its democratization.
The initiative is similar to that carried out by the trading and financial company Mercado Libre last August, when the organization also issued its own cryptocurrency, called mercadocoin, to be part of its loyalty programs. However, Mercado Libre established a starting price for the token, valued at $0.10 at the time of launch.
What do you think about Nubank issuing its own cryptocurrency on top of Polygon? Tell us in the comments section below.
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