Nubank Announces Nucoin, Its Cryptocurrency Aimed At Building Customer Loyalty

Nubank, the financial platform born in Brazil in 2013, announced the creation of Nucoin, its first cryptocurrency. It will be launched in 2023 in its home country. The development of the digital currency will be carried out on the Polygon blockchain, which offers blockchains for Web3.

Nucoin will be distributed free of charge to the company’s customers and will function as a basis for creating a rewards program in Brazil. “Nucoin is a new way to recognize customer loyalty and encourage engagement with Nubank’s products,” Fernando Czapski, General Manager of Nucoin at Nubank, said in a press release. 

How Nucoin will begin to be used 

With Nucoin, Nubank wants to offer its customers some benefits such as discounts and increased perks. This is as they accumulate more cryptocurrencies. To do so, it will invite around 2,000 customers to participate in the process of using Nucoin. 

The selection will take place during the months of October and November 2022. In this phase, Nubank seeks to test the product and dialogue with them about the dynamics and future operation of the new cryptocurrency.

In addition, it wants to explore a decentralized product creation process aimed at Web3. “We want to break paradigms and revolutionize the way companies reward people who use their services,” Czapski said.

While Nucoin is the first digital currency to be created by Nubank, the financial services company had already begun activity in the cryptocurrency market. During the first half of 2022, it announced that Bitcoin and Etherum could be bought and sold using the Paxos blockchain infrastructure through its app in Brazil.

So far, Nubank has more than 70 million customers in Brazil, Mexico, and Colombia. In addition, it has positioned itself as the largest financial services startup in Latin America, with a market capitalization close to US$20 billion.

Main image: Adobe Stock

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