Brazil-Based Neobank Nubank to Launch Own Cryptocurrency as Part of Loyalty Program – Exchanges Bitcoin News

Nubank, the biggest digital bank in the world has revealed that it will begin issuing its own cryptocurrency within the first quarter of 2023. Nucoin, which is a cryptocurrency, will be created on top Ethereum and Polygon. The second layer allows developers as well users to benefit from lower fees. All customers will receive the currency via airdrop.

Nubank Launches Nucoin 2023

Nubank is the largest digital bank in Asia and has announced that it will be launching its own cryptocurrency. Nucoin, the Brazilian-based bank that also operates offices in Latam will be issuing its own token. To allow users to transact at low fees, the token will be issued over Ethereum. It will also use Polygon as a scaling layer.

The bank’s loyalty program and other benefits will be boosted by this move. It is expected that the token will be issued in the first half 2023. While the company did not specify whether this token would have a market value, it did explain that the nucoins would be useful for customers to access discount prices for Nubank’s products and services.

Latam’s Motivations and Similar Initiatives

Fernando Czapski (Senior Director, General Manager, Nubank) said that this would allow Nubank to innovate in cryptocurrency use. Czapski stated:

We believe that blockchain technology has the potential to transform the world. This is why we are taking this project.

Nubank’s interest in cryptocurrency is not new. In Brazil, the Neobank was among the first companies to introduce cryptocurrency trading in May. Picpay, Rico and Itau Unibanco were just a few of the many companies that followed. The company also announced that it would be holding Bitcoin as part its treasury.

It announced that its services would now be available to 54 million more customers as of June. Nubank published a statement in September stating it now serves 70 million Latam clients and almost 2,000,000 have purchased crypto through its services.

Mercado Libre is another e-commerce giant and fintech service provider in the region. In August, it launched its own cryptocurrency called Mercadocoin and it’s already open for trading.

What do you think about Nubank’s proposed new token Nucoin? Please leave your comments below.

Sergio Goschenko

Sergio, a Venezuela-based cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

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