Nubank launches its own cryptocurrency

Thursday 20 October 2022 13:26 CET | News

Nubank, the digital financial services platform, has announced the creation of Nucoin, its own cryptocurrency, expected to launch in the first half of 2023 on the Polygon blockchain network.


The company's tokens will be distributed free of charge to customers and will serve as the basis for the creation of a new rewards program in Brazil. For the development of Nucoin, Nubank chose to enter a strategic partnership with Polygon Technology, the Ethereum scaling blockchain that enhances the functionality of Ethereum while retaining the base layer’s security and decentralization. Under the agreement between the parties, Nubank will use Polygon's technology and technical support for the evolution and expansion of the new cryptocurrency.

As Nubank representatives say, Nucoin can be a new way to recognize customer loyalty and encourage engagement with Nubank products. Nubank’s customer loyalty rewards program, powered by Polygon, can deliver the transformative benefits of blockchain technology to its customers, whilst acknowledging the shift happening in the traditional finance space, as Polygon representatives say.

Nubank, the digital financial services platform, has announced the creation of Nucoin, its own cryptocurrency, expected to launch in the first half of 2023 on the Polygon blockchain network.


How will it work

Adhering to common practices in blockchain projects, Nubank will invite around 2.000 customers to participate in the use process and dynamics related to Nucoin. The selection will be made during the months of October and November and will include the most engaged in NuCommunity, an online space dedicated to dialogue with customers, and in the use of the company's products and services. They will discuss ideas in an exclusive area in NuCommunity.

In this phase, the proposal is to explore a decentralized process of product creation, characteristic of Web3. The company wants Nucoin to be another way of recognizing the 70 million users who trust their products by bringing some of them to be part of the creation process. Nubank's goal with developing its own cryptocurrency is to offer customers benefits such as discounts and perks as they accumulate Nucoins.

Recent activity

The Brazil-based neobank has recently joined Open Finance, a Central Bank system allowing institutions to share customers’ financial data among themselves. According to the official press release, the feature is in its testing phase and will be released gradually. It will soon be available to all 62.3 million customers in Brazil.

By joining the Open Finance platform, Nubank seeks to offer its customers greater control over their financial lives, allowing them to manage their finances and personal credit and account information autonomously.

In a separate move, back in August Polygon partnered Techstars, a global investment business, to develop a Web 3.0 theme being applied to Techstars’ London Q1 2023 accelerator programme. Techstars London powered by Polygon wants to combine the expertise of the blockchain protocol, with Techstars’ ability to connect founders and experienced mentors who match their needs, provide customised educational programming useful to startup growth and facilitate access to capital for each entrepreneur.

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Keywords: product launch, blockchain, cryptocurrency, Ethereum
Categories: DeFi & Crypto & Web3
Companies: Nubank, Polygon
Countries: World
This article is part of category

DeFi & Crypto & Web3




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