Nubank Introduces its Own Cryptocurrency Nucoin

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Latin America fintech bank Nubank is set to launch its cryptocurrency alongside its new customer rewards program. The launch which will be a revolutionary move of a large financial institution into the digital asset ecosystem is scheduled to take off in Q1 next year. The Warren Buffet-backed Nubank is a digital banking firm which is headquartered in São Paulo, Brazil.

The Brazilian startup with more than $19.8 billion in assets under management (AUM) has named the crypto asset ‘Nucoin’. Interestingly, interested customers who accumulate Nucoins will be offered discounts amongst other perks and benefits. Noteworthy, the token will be issued to customers at no cost.

Based on the published statement “Nucoin is in the development phase and customers will be an important part of this creation. About 2,000 members of NuCommunity, the channel for dialogue between customers and Nubank, will participate in a closed and exclusive community to think about the dynamics behind Nucoin.”

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“With Nucoin, we want to further democratize new technologies such as blockchain and web3,” the post continued

In the long run, Nubank considers the possibility that the Nucoin token will be traded on the crypto market just like Bitcoin (BTC), Ethereum (ETH), and other digital coins. For now, the Nubank app allows Brazillian customers to make transactions with BTC and ETH using Nubank Crypto. 

Nubank Partners with Polygon

According to the announcement, Nucoin qualifies to be referred to as a token especially because it entitles customers who have the asset in their wallet to benefits. However, the token remains a cryptocurrency seeing that it has a single value that is only exchangeable during transactions.

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Nubank will continue the development process of the token with the Polygon-powered blockchain technology network Polygon Supernets. As a matter of fact, Nubank is in a strategic partnership with Polygon to provide both technical and network support for the development of the token.

This Polygon network has equally been engaged by well-known firms like Aave, Uniswap, Non-fungible token (NFT) marketplace OpenSea, Meta formerly Facebook, Stripe, and Adobe. Overall, the Brazillian neobank has continued to grow and expand its footing in the crypto ecosystem.

Shortly after tapping Paxos in partnership for crypto trading, Nubank recorded the onboarding of 1 million crypto users in a single month. 

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