Nubank to launch loyalty tokens on the Polygon blockchain
Dubbed Nucoin, the tokenization process will benefit from the collaboration of 2,000 customers in the coming months.
New
Nubank, a fintech bank in Brazil, announced the creation of the Nucoin token on the Polygon blockchain on October 19, paving the way for a rewards program for its 70 million customers in Latin America.
The company said the token will be available in the first half of 2023 and will recognize customer loyalty and engagement with banking products at no cost or cost to its users. Tokens can be redeemed for benefits and discounts on selected products. Fernando Czapski, Managing Director of Nucoin at Nubank, said:
“This project is another step in our belief in the transformative potential of blockchain technology and to democratize it even further, going beyond the buying, selling and maintenance of cryptocurrencies. in the Nu app."
Starting this month, approximately 2,000 customers will be invited to participate in a discussion about the details of the project, including the decentralized product creation process and its Web3 features. “We decided to engage a group of customers in this co-creation process precisely to refine our product before public launch, to ensure that we arrive at a program that truly resonates with the expectations and needs of our customers. "Czapski noted.
"One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility that blockchain and crypto have to offer," said Sandeep Nailwal, co-founder of Polygon in a press release.
In May, the bank announced a partnership with Paxos to allow its customers to buy, sell and store cryptocurrencies through its app, a move aimed at expanding and improving access to crypto assets , eliminating the complexity and friction for customers to buy, hold and sell digital currencies through the bank's app, and requiring no new accounts to open or transfer funds.
Earlier this year, Warren Buffett's Berkshire Hathaway sold some of its Visa and Mastercard holdings and increased its exposure to Nubank, buying $1 billion worth of shares after selling $3.1 billion of Visa and Mastercard shares combined.
Dubbed Nucoin, the tokenization process will benefit from the collaboration of 2,000 customers in the coming months.
New
Nubank, a fintech bank in Brazil, announced the creation of the Nucoin token on the Polygon blockchain on October 19, paving the way for a rewards program for its 70 million customers in Latin America.
The company said the token will be available in the first half of 2023 and will recognize customer loyalty and engagement with banking products at no cost or cost to its users. Tokens can be redeemed for benefits and discounts on selected products. Fernando Czapski, Managing Director of Nucoin at Nubank, said:
“This project is another step in our belief in the transformative potential of blockchain technology and to democratize it even further, going beyond the buying, selling and maintenance of cryptocurrencies. in the Nu app."
Starting this month, approximately 2,000 customers will be invited to participate in a discussion about the details of the project, including the decentralized product creation process and its Web3 features. “We decided to engage a group of customers in this co-creation process precisely to refine our product before public launch, to ensure that we arrive at a program that truly resonates with the expectations and needs of our customers. "Czapski noted.
"One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility that blockchain and crypto have to offer," said Sandeep Nailwal, co-founder of Polygon in a press release.
In May, the bank announced a partnership with Paxos to allow its customers to buy, sell and store cryptocurrencies through its app, a move aimed at expanding and improving access to crypto assets , eliminating the complexity and friction for customers to buy, hold and sell digital currencies through the bank's app, and requiring no new accounts to open or transfer funds.
Earlier this year, Warren Buffett's Berkshire Hathaway sold some of its Visa and Mastercard holdings and increased its exposure to Nubank, buying $1 billion worth of shares after selling $3.1 billion of Visa and Mastercard shares combined.
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