In an official announcement, Nubank confirmed that it would launch “Nucoin” on the Polygon blockchain. The digital bank pointed out that the token will be available in the first half of 2023 and will be used primarily for customer engagement and loyalty initiatives.
Users of Nubank can redeem their Nucoin for perks and discounts on selected products while enjoying discounts on fees and other charges for the company’s products.
In the release, Fernando Czapski, the general manager for Nucoin at Nubank, stated that the asset’s launch marks another step in their belief in blockchain’s transformative potential. They are looking to democratize blockchain even further, allowing users to go beyond selling and purchasing cryptocurrencies on their app.
Czapski added that as of this month, Nubank would invite about 2,000 customers to participate in a discussion surrounding Nucoin and its details. The discussions will include Nubank’s vision for the asset and their broader push into Web3.
Nubank has been one of the most prominent names in Latin America’s crypto sector. The Brazilian company has been focusing primarily on boosting digital asset adoption in the country, and it has grown its business to cater to over 70 million customers. And with a $1 billion investment from legendary investor Warren Buffett earlier this year, Nubank is looking to expand its footprint beyond Brazil.
The news of Nubank’s new asset is just the latest in what appears to be a barrage of growing crypto activity in Brazil, one of South America’s largest economies. Brazil has continued to grow in digital asset adoption as companies in the traditional and tech sectors continue to embrace these coins.
This week, GK8, a digital asset custody platform, announced a partnership with Brazilian crypto holding company 2ND Market to expand its crypto product offerings in Brazil. The move is expected to support continued expansion in the country, with GK8 licensing its institutional-grade custody platform to 2ND Market to offer Brazilian users access to a broader range of crypto products and services.