Brazil’s Nubank revealed plans to launch its own crypto as part of a brand-new customer incentives program on Wednesday.
JUST IN: 🇧🇷 Brazil's Nubank announces plans to launch its own #crypto for their rewards program.
— Watcher.Guru (@WatcherGuru) October 19, 2022
Nubank, funded by Warren Buffett, stated in a statement that the Nucoin virtual currency would be deployed within the first half of 2023. Its purpose is to provide clients with incentives such as perks and discounts as their Nucoins increase.
Nubank said that it is considering making Nucoins tradeable in the future. The lender presently enables Brazilian users to conduct Bitcoin and Ethereum transactions on its banking app.
This initiative is another step forward in our trust in the revolutionary potential of blockchain technology and to further democratize it, as per Fernando Czapski, manager for Nucoin at Nubank, which has over 70 million customers.
The company stated that Polygon Technological, an Ethereum scaling blockchain developer, will offer technology and technical assistance for Nucoin’s growth, adding that about 2,000 consumers will be chosen to test Nucoin within the next month.
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