Nubank, a fintech bank from Brazil, announced on Oct. 19 the creation of the Nucoin token on the Polygon blockchain, paving the way for a rewards program for its 70 million customers across Latin America.
The company said the token will be available in the first half of 2023, recognizing customer loyalty and commitment to the bank’s products at no cost or fees to its users. The tokens can be exchanged for benefits, discounts on selected products. Fernando Czapski, General Director of Nucoin at Nubank, stated:
“This project is another step in our belief in the transformative potential of blockchain technology and to further democratize it, going beyond buying, selling and holding cryptocurrencies in the Nu app.”
Starting this month, some 2,000 customers will be invited to participate in a discussion about the details of the project, including the decentralized product creation process and its Web3 features.
“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.
In May, the bank announced a partnership with Paxos to allow its customers to buy, sell and store cryptocurrencies through its app, a move that was intended to broaden and improve access to crypto assets, removing complexity and friction for customers. buy, hold and sell digital currencies through the bank app, without the need to open a new account or transfer funds.
Earlier this year, Warren Buffett’s Berkshire Hathaway divested a portion of its holdings in Visa and Mastercard and increased its exposure to Nubank, buying $1 billion worth of stock, after having sold Visa and Mastercard stock for value of 3,100 million dollars altogether.
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