Nubank, a fintech financial institution in Brazil, introduced the creation of the Nucoin token on the Polygon blockchain on Oct. 19, paving the way in which for a rewards program for its 70 million purchasers throughout Latin America.
The corporate stated that the token will likely be obtainable within the first half of 2023, and can acknowledge buyer loyalty and engagement with the financial institution merchandise with out value or charges for its customers. The tokens will be redeemed for perks, reductions in chosen merchandise. Fernando Czapski, Basic Supervisor for Nucoin at Nubank, acknowledged:
“This venture is one other step forward in our perception within the transformative potential of blockchain know-how and to democratize it, much more, going past the acquisition, sale and upkeep of cryptocurrencies within the Nu app.”
As of this month, roughly 2,000 purchasers will likely be invited to take part in a dialogue of the venture particulars, together with the decentralized technique of product creation and its Web3 options. “We determined to carry a gaggle of consumers into this co-creation course of exactly to refine our product forward of the general public launch, to make sure we get to a program that actually resonates with our prospects’ expectations and desires,” famous Czapski.
“One of many largest digital banking establishments on the earth, providing its personal cryptocurrency is a powerful testomony to the utility blockchain and crypto have to supply,” stated Sandeep Nailwal, co-founder of Polygon in an announcement.
In Could, the financial institution introduced a partnership with Paxos to permit its purchasers to purchase, promote and retailer cryptocurrencies by its app, a moved the aimed to broaden and enhance entry to crypto belongings, eliminating complexity and friction for patrons to purchase, maintain and promote digital currencies by the financial institution’s app, requiring no new account opening or switch of funds.
Earlier this yr, Warren Buffett’s Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and elevated publicity in Nubank, buying $1 billion price of shares, after promoting $3.1 billion price of Visa and Mastercard inventory’s mixed.
