FINANCIALS, PAYMENTS, PROPERTY & INSURANCE

Brazil’s Nubank announces plans to release own cryptocurrency called Nucoins as part of new customer rewards programme

Nubank teams with Polygon to develop Nucoin - digital rewards coin - which is planned for launch in first half of 2023.

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Nubank which is backed by Warren Buffet is working on a digital rewards currency (Nucoin). The main goal is to offer their customers benefits such as discounts and perks at the beginning. However, the bank states that Nucoins may become tradeable in the future. “This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more,” commented Fernando Czapski, general manager for Nucoin at Nubank.

Nubanks announcement follows in the footsteps of Mercado Libre which announced in August 2022 the creation MarcadoCoin.

Nubank press release