Nubank said that 2,000 clients will contribute to the Nucoin token creation process including its Web3 features over the next months.
On October 19, Nubank, a Brazilian fintech bank, announced the launch of the Nucoin token on the Polygon blockchain, opening the door for a rewards program for its 70 million Latin American customers.
The token, according to the business, will be made available in the first half of 2023 and would reward customers for their involvement and loyalty with bank products without charging them any fees or costs. The tokens can be exchanged for benefits and special prices on particular products. General Manager of Nucoin at Nubank, Fernando Czapski, said:
“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it, even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.”
About 2,000 customers will be invited to take part in a debate on the project’s specifics, including its Web3 features and decentralized method of product creation, starting this month. “We decided to bring a group of customers into this co-creation process precisely to refine our product ahead of the public launch, to ensure we get to a program that truly resonates with our customer’s expectations and needs,” noted Czapski.
“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,” said Sandeep Nailwal, co-founder of Polygon in a statement.
To increase and improve consumer access to crypto assets, the bank established a partnership with Paxos in May. This allowed customers to buy, hold, and trade digital currencies through the bank’s app without the need to register new accounts or make money transfers.
Earlier this year, Berkshire Hathaway, the investment company founded by Warren Buffett, sold $3.1 billion worth of Visa and Mastercard stock combined and boosted its exposure to Nubank, buying $1 billion worth of shares.
