Warren Buffett-Backed Neobank Nubank Launches Own Currency Nucoin

Warren Buffett-backed Brazil’s Neobank, which debuted a crypto trading option on its platform in May 2022, launched its own cryptocurrency, nucoin announced the launch of its own cryptocurrency, nucoin. Part of the first batch of this currency to be issued on Polygon’s network will be issued to customers as airdrops and for cash back purposes.

Nubank Launches Nucoin Cryptocurrency

Nubank, one of Latam’s largest digital neobanks backed by Warren Buffett, has announced the launch of its own cryptocurrency, nucoin. Issued on top of the Polygon network, the tokens will be airdropped to the institution’s end users, with 80% of the total issuance directed to customers.

according to a local

report

. Nucoin will also play an important role in future activities, including the establishment of a cash-back program using nucoin and an internal lottery using nucoin Nucoin will have no secondary market, as it can only be traded on Nubank’s platform.

Nucoin is already available to some of the 70 million customers the exchange reported reaching in September, with about 2 million having purchased the crypto. The initial price of the currency (with a determined price, if any) has not been disclosed by Nubank.

Other Options

According to reports from the field, Nubank has a staking program that allows customers to lock their nucoins to receive more nucoins for a certain period of time and more tickets for an internal lottery. Nubank plans to offer further options regarding its currency, such as the ability to In the future, there will reportedly be an option to exchange nucoin for cash through the platform.

The issuance and launch of nucoin has been in the works since October, when Fernando Czapski, senior director and general manager of Nubank, said the company believes in the “transformative potential of blockchain technology” and its democratization It is not surprising that the company has been working on this initiative since the company’s inception.

The effort is similar to one undertaken last August by retail and financial services company Mercado Libre, which also issues its own cryptocurrency called mercadocoin as part of its loyalty program. However, Mercado Libre set an initial price for its token, valued at $0.10 at launch.

What do you think about Nubank issuing its own cryptocurrency on top of Polygon? Let us know in the comments section below.

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