Nubank, the Warren Buffett-backed neobank based in Brazil, has announced that it has issued its own cryptocurrency, Nucoin. The token, which is built on the Polygon network, will be distributed to its customers via airdrops and cashback programs.
Introducing Nucoin
Nubank, the popular digital neobank serving Latin America, recently unveiled their own cryptocurrency, Nucoin. The token is due to be airdropped to their 70 million customers, with the majority of the coins being allocated to users in the form of a cashback program.
The token is expected to serve multiple purposes, such as facilitating cashback rewards and internal raffles. There will not be a secondary market for Nucoin, but users will have the option to stake their coins in order to accumulate more.
It comes as no surprise that the company is launching their own token, as they have been exploring the potential of blockchain technology since 2005. Fernando Czapski, senior director and general manager at Nubank, expressed his belief that the technology has great “transformative potential”.
Following in the Footsteps of Others
Nubank’s move follows a similar initiative taken by retail giant Mercado Libre, who issued their own cryptocurrency, MELI, in August of last year. This was done in order to boost the use of their platform and its products.
Nubank’s own cryptocurrency appears to have been well received by the public, with almost 2 million users already having purchased crypto on their platform. It is not yet clear what the price of Nucoin will be, but the company has expressed their confidence that it will be successful.
Nubank, a mobile banking company backed by Warren Buffett, has announced the launch of its own cryptocurrency, Nucoin. The announcement comes as part of the company’s loyalty program, with the initial price of the token set at $0.10. The launch of Nucoin comes on the heels of the company’s successful integration of Polygon into its platform.
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