Nubank, one of the world’s largest digital banks, has announced that it will issue its own cryptocurrency in the first half of 2023.The currency, called Nucoin, will be issued on top of Ethereum with the help of Polygon, which allows users and developers to take advantage of lower It will be issued on top of Ethereum with the help of Polygon, a second tier that will allow users and developers to take advantage of lower fees, and will be airdropped to all of the bank’s customers.
Nubank to launch Nucoin in 2023
Nubank, the largest digital bank outside of Asia, has revealed plans to delve deeper into the digital economy through the issuance of its own coin. The Brazil-based financial institution, which has offices throughout Latam, plans to issue its own token called Nucoin. The token will be issued on top of Ethereum and will use a scaling layer, Polygon, to allow users to trade with lower fees.
The move is geared toward enhancing the bank’s loyalty and benefits program. The token is expected to be issued in the first half of 2023. The company did not specify whether the tokens will have market value, but explained that Nucoin will help customers access discounted prices on Nubank’s goods and services.
Similar Motivations and Initiatives in Latin America
For Fernando Czapski, Senior Director and General Manager of Nubank, this will allow the company to continue to innovate in the use of cryptocurrency Czapski said,:
This project is another step that we believe in the transformative potential of blockchain technology to go beyond the purchase, sale, and maintenance of cryptocurrencies in applications and further democratize them.
Nubank’s interest in cryptocurrencies is not new. Neobank was one of the first to introduce cryptocurrency trading services in Brazil in May. It was followed by many others, including companies such as Picpay, Rico, and Itau Unibanco. At the same time, the company announced that it would hold bitcoin as part of its treasury.
In June, the company announced that it would serve more than 54 million customers; in September, Nubank issued a press release stating that it now serves 70 million customers in Latam and that about 2 million people have purchased crypto using its services.
Mercado Libre, another e-commerce and fintech services giant in the region, also launched its own cryptocurrency in August, called MercadoCoin, which is already available for trading.
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