Nubank’s cryptocurrency “broke the internet” this Saturday (12), when it shot up 180% in a matter of hours, sending its value skyrocketing. In the last 30 days, the currency registers an appreciation of 1,939%.
Nucoin was only traded in the digital banking application and was launched in March 2023. At the time, Nubank distributed some units of its cryptocurrencies to all its customers.
That is to say, those who went to check their balance this Saturday, after a major impact in the Brazilian community, were surprised by the new amount.
Nubank has its cryptocurrency in partnership with Polygon, learn how to earn Nucoin for free
To make the crypto and loyalty program viable, Nubank joined forces with Polygon Labs, Polygon’s software and data development team.
Announced in late 2022, Nucoin was developed through a decentralized creative process, bringing together input from key NuCommunity members and cryptocurrency experts.
For Nubank customers in Brazil, earning rewards with Nucoin is a simple and straightforward process within the app.
One option to earn cryptocurrency is consumption, where a customer receives a fixed amount of Nucoins for every real spent using Nubank debit or credit cards, in addition to the purchase of cryptocurrency available in the Nubank Cripto experience available in the app.
Currently, Bitcoin, Ethereum, Polygon, Uniswap and Nucoin are available in the banking application for investors, starting at R$1.00. However, customers cannot withdraw the amounts, they can only buy and sell cryptocurrencies on the platform itself.
Nucoin experienced instabilities in the Nubank application
In the Nubank community this Saturday, the community complained about some instabilities with Nucoin amid its rise. Each Nucoin cost BRL 0.24, but some users complained about their balance disappearing from their accounts.
The problem was quickly resolved and many users started celebrating the rise of the cryptocurrency. For example, on the Twitter X social network, many shared their results, while others also complained about the moments of instability.
#nucoin we are like this 🤣 #nubank pic.twitter.com/7aoPId1JA0
— Vinicius Presoto de Jesus (@DePresoto) August 12, 2023
thank you nucoin for helping the poorest #nucoin#nubank pic.twitter.com/1VIdrOfbNV
— right (@808_julio) August 12, 2023
Another bank customer warned of the possibility of more bullish cryptocurrency when other bank customers discover Nucoin’s existence and decide to buy it.
Look at this chart. Nice thing. Do you know how many Nubank customers know that there is a crypto wallet and that the bank itself has its currency? Less than 1 fifth! Imagine that all customers know. #nucoin #nubank pic.twitter.com/A00Lnm7LHN
— Ronaldo Junior RJR (@rjr_aeon) August 12, 2023
It is worth remembering that the price of Nucoin, just as it has risen rapidly in the past month, is very unstable and can fall, similar to Bitcoin’s behavior. So before investing in the currency, those interested should look into the fundamentals and be careful about their contributions.
Unlike Bitcoin, which is decentralized, Nucoin is a centralized currency and tied to Brazilian bank rewards programs.
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.
