Contents
- 100 billion Nucoins, but there is a catch
- Benefits for Nucoin holders
Polygon (MATIC) Helps Brazilian Digital Bank Launch Nucoin Crypto, Here’s a Curious Thing
Yuri Molchan
Brazilian digital bank Nubank has issued its own crypto with the help of the Polygon blockchain; however, this crypto is not intended for the entire crypto space
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While central banks in various countries are thinking about launching CBDCs, separate digital banks have started issuing their own crypto, moving ahead of the central banks.
Recently, Nubank, a digital bank based in Brazil, launched Nucoin in partnership with Polygon for its 70 million customers. This is not the first project of its kind that has been carried out in Brazil in the past year.
100 billion Nucoins, but there is a catch
According to the press release, Nucoin digital bank has issued its own crypto called Nucoin in the amount of 100 billion which is intended to be used only by the bank’s customers – 70 million of them.
The crypto was developed using the Polygon blockchain, the issuer of the MATIC token. This crypto will work as part of a customer loyalty program. It will be given to customers as bonuses to be used in the bank, as not a single Nucoin will be allowed for withdrawal to a third party wallet.
There will be no secondary market for this cryptocurrency, but 80% of the issuance will be released to the bank’s users. They will be able to use it within the ecosystem of Nubank itself and other companies that will partner with it to join the ecosystem in the future. All Nucoin transactions will take place in the Nubank mobile app.
The project was originally announced in 2022.
The initiative of Nubank is similar to that of Brazilian e-commerce giant Mercado Libre, which also launched a cryptocurrency in August 2022. Mercado Coin was created to be used in purchases on the Mercado Libre platform, and users will also be able to receive it. as cashback on goods they buy.
Benefits for Nucoin holders
The bank’s press release states that clients will be offered the opportunity to freeze their Nucoin tokens to move up in the loyalty program. This will make them eligible for several different benefits – get more Nucoins or tickets to compete for prizes from the bank and its partners.
It may also be an option for clients to exchange Nucoins for cash with other customers at the bank.
