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Brazilian Digital Bank Nubank Launches Its Digital Currency Nucoin

The loyalty and rewards program is available to Nu’s Brazilian client base of over 70 million individuals, following a decentralized creative process and customer participation.

Another real-world firm, Nubank, with 70 million subscribers, has entered the crypto world with its digital currency built by Polygon. Nucoin is a free native crypto asset that rewards users for participating in a loyalty program.

The launch, first mentioned in late 2022, was created through a decentralized process that gathered input from major members of the online NuCommunity and crypto professionals.

It will now be gradually made available to Nubank’s more than 70 million Brazilian clients through an initial airdrop beginning later this month. In fact, Nubank partnered with Polygon Labs, the creators of the decentralized Polygon system and the technical backbone for making Nucoin widely available. 

Nubank plans to take advantage of the powerful security and decentralized nature of the Ethereum network by utilizing Polygon’s technology and technical support to develop and grow the new cryptocurrency.

The Power Nucoins Bring to the Customers:

Nucoin’s ecosystem is centered on consumers, staying true to Nubank’s user-centric concept by providing them the authority to determine how to manage the tokens they earn. Users can freeze their Nucoins to level up in the program and unlock further perks (such as coin-back rewards and lottery tickets) or swap Nucoins for cash with other customers in the coming months. 

However, the amount of perks accessible to consumers that freeze Nucoins is projected to grow over time, both within Nubank and with external organizations that will join the network.

The General Manager of Nucoin at Nubank, Fernando Czapski, also stated that:

 “Nucoin is a loyalty revolution co-created by our customers and partner companies who will strengthen the ecosystem by bringing more and more utility to Nucoin inside and outside of Nubank. We expect to see many further developments as Nucoin is out there in the market and blockchain technology expands its reach.” 

In terms of rewards for customers in Brazil that will hold/collect Nucoin holders/collectors despite their history with the bank, the platform offers: 

  • Up to 50 lottery tickets can be purchased in the first six months, allowing users to win R$ 1 million in rewards.
  • Every R$ paid with a Nubank debit or credit card and the purchase of any crypto through the Nubank app earns a fixed amount of Nucoin coin back.
  • Nucoins were given away for free during the initial airdrop.
  • Moreover, as an active member of the community, involvement in providing proposals for developing the Nucoin system and product.

With so much coming, it’s only beneficial for Brazillian users to collect Nucoins and make the most of the power and benefits they bring along!

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