Monday, November 28, 2022

Brazil’s Digital Bank Nubank Floats Own Cryptocurrency to Reward Users

Brazil’s digital bank Nubank with the aim of recognizing customers’ loyalty has stated its plans to launch its cryptocurrency in the country. According to the press release by the platform today, the cryptocurrency dubbed “Nucoin” will be launched in the first half of 2023.

As per the announcement, the token will not only be launched in Brazil but also in Colombia and Mexico. Similarly, Nucoin’s launch will encourage customers to engage with Nubank products.

Going forward, the largest digital lender also intends to invite 2000 customers to partake in a  forum group. This is to guide the growth and development of Nucoin which is built on the Polygon Network. Following the agreement, Nubank will utilize Polygon’s technology and technical support for the evolution and expansion of its cryptocurrency.

Interestingly with over 70 million customers scattered across the country, Brazil, Nubank intends to use the launch of Nucoin to reward customers. Users will be entitled to discounts as well as several other benefits associated with the token.

Nubank Integrates Cryptocurrency 

As part of plans to broaden its product offering and satisfy customer needs, the fintech giant forayed into the crypto space. In partnership with Paxos – its blockchain partner Nubank launched its in-app trading platform dubbed Nucripto. The platform features Bitcoin (BTC) and Ethereum (ETH) with plans to add other cryptocurrencies in the future.

With Nucripto, customers will easily navigate through the platform by buying, selling, and holding crypto as they please. Barely a month after its launch, Nucripto registered 1 million users. This feat was achieved eleven months earlier than it had been projected indicating the nation’s appetite for the digital asset.

Interestingly, Nu Holdings, the mother company of Nubank, has already assigned 1% of its revenue to BTC. This stresses the digital’s optimism towards the potential of the digital coin to cause financial development in the region.

Meanwhile, Brazil through its Senate in a plenary session has approved the country’s first bill regarding digital assets. The country is also working on developing its own CBDC and expects to launch the pilot version before the end of the year.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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