With Polygon,Nubank introduces its own cryptocurrency

As part of the challenger bank’s digital currency plan, Nubank has announced the development of Nucoin, its own cryptocurrency on the Polygon blockchain network.

Nubank, one of the biggest digital financial services platforms in the world with more than 70 million clients in Latin America, has announced the launch of Nucoin, its own cryptocurrency on the Polygon blockchain network.

The challenger bank’s tokens will be provided without charge to consumers and will be the cornerstone of an innovative rewards programme in Brazil when they are officially released in the first half of 2023.

Nubank will allow about 2,000 clients to engage in the use process and dynamics connected to Nucoin, adhering to standard practises in blockchain initiatives. The choice will be made in the months of October and November and will include those who are most active on NuCommunity, a website where customers may communicate with one another, as well as in using the goods and services offered by the business.

In NuCommunity, Nubank’s specialised customer service inquiry site, they will have a private section where they may exchange ideas. More than soliciting opinions at this stage, the suggestion aims to investigate a Web3-style decentralised method of product creation.

The purpose of Nubank creating its own cryptocurrency is to provide clients with advantages like discounts and privileges as they acquire Nucoins.

We are opening a gateway to the future, said Fernando Czapski, general manager of Nucoin at Nubank. Nubank’s new Nucoin programme rewards loyal customers and encourages continued use of its products. By expanding on the purchase, selling, and upkeep of cryptocurrencies in the Nu app, this initiative will further democratise blockchain technology and advance our confidence in its transformational potential.

“One of the major digital banking institutions in the world giving its own cryptocurrency is a powerful testament to the benefit blockchain and crypto have to provide,” said Sandeep Nailwal, co-founder of Polygon.