Nubank announced this Wednesday (01) the launch of the nucoin, the bank’s own cryptocurrency. The novelty concerns a token that rewards user engagement through a loyalty program.
Announced in late 2022, Nucoin was developed through a decentralized creative process, bringing together input from key NuCommunity members and cryptocurrency experts.
Now, the program will be gradually rolled out to Brazil’s more than 70 million Nubank customers in early March.
Nucoin: Nubank’s cryptocurrency
According to Nubank, the platform states in a press release about the launch that it remains true to the philosophy of customer management as the central point of business decisions.
Thus, the Nucoin ecosystem is focused on users, giving them decision-making power over the management of tokens received.
Customers have the option to freeze their Nucoins to level up in the program and unlock more benefits (such as getting more Nucoins back and/or tickets to compete for prizes) or redeem their Nucoins for cash with other customers – an option that will be available soon.
Over time, customers who freeze their Nucoins will have more benefits available both within the Nubank platform and with third-party partners who are expected to join the loyalty network.
According to Fernando Czapski, general manager of Nucoin, Nubank’s new cryptocurrency arrives as a revolution created by customers and partners.
“Nucoin is a revolution co-created by our customers together with partners that strengthen the ecosystem and make it usable inside and outside Nubank. We will continue to improve Nucoin as the market and blockchain technology expand its reach.”
Polygon Labs helped Nubank
To make the crypto and loyalty program viable, Nubank joined forces with Polygon Labs, Polygon’s software and data development team.
Polygon Labs’ technology and technical support are critical to Nucoin’s evolution and expansion, as well as providing robust security and the decentralization of the Ethereum network.
The Polygon cryptocurrency (MATIC), it is worth remembering, is not yet listed in the application for buying and selling Nubank customers.
How to receive a Nucoin?
For Nubank customers in Brazil, earning rewards with Nucoin is a simple and straightforward process within the app.
Initially, the digital bank will broadcast its currency and a customer will be able to earn free Nucoins in recognition of their previous history with Nubank.
In addition, each customer can unlock up to 50 tickets in the first six months to compete for prizes of up to R$1 million.
Another option is consumption, where a customer receives a fixed amount of Nucoins for every real spent using Nubank debit and/or credit cards, in addition to purchasing cryptocurrency available in the Nubank Cripto experience available in the app .
Eventually, the coin will continue to develop and the most engaged customers will be able to provide suggestions and feedback on the future of the Nucoin protocol and product.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
