Nubank launches its own cryptocurrency Nucoin

By Amelia Isaacs on Thursday 20 October 2022

Digital BankingCrypto

The free token and rewards program will be available to the digital bank's 70 million customers in the first half of 2023.

Nubank launches its own cryptocurrency Nucoin
Image source: Nubank.

 

Brazilian digital bank Nubank is launching its own cryptocurrency next year.

The new, free token, Nucoin, will be powered by Poylgon’s blockchain technology, and act as the basis for a new rewards program in Brazil.

The cryptocurrency will be “a new way to recognise customer loyalty and foster further engagement with Nubank products”, according to the digital bank.

Launching in the first half of 2023, around 2,000 Nubank customers will be asked to participate in the use process and dynamics of Nucoin, including the most engaged users in “NuCommunity”, an online space dedicated to communication with customers.

“We are opening a door to the future,” general manager for Nucoin Fernando Czapski said. 

“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratise it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app,” he added.

The launch of the new token to the digital bank’s more than 70 million users follows the launch of its crypto trading platform in May, which hit a milestone one million users in just one month.

“One of the largest digital banking institutions in the world offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer,” Polygon co-founder Sandeep Nailwal said.

Nubank’s customer loyalty rewards program, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, whilst acknowledging the shift happening in the traditional finance space.”

Founded with the aim of simplifying the financial lives of its customers, Nubank says bringing its users into the creation process of Nucoin is yet another way it is involving and recognising them.

In the “exclusive area” of the NuCommunity, users selected over the next few months will discuss ideas and explore the decentralised process of product creation.

“We want to break paradigms and revolutionise the way companies reward people who use their services,” Czapski said.

As users accumulate more Nucoins, they will gain access to customer benefits, including discounts and perks.

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