Nubank (NYSE: NU) has announced the creation of its own cryptocurrency Nucoin. The digital asset is leveraging the Polygon blockchain network.
Nubank claims the title of one of the largest financial services companies in the world. Last month, it reported that it had topped 70 million customers. Currently, Nubank operates in Brazil (66.4M), Mexico (3.2M), and, more recently, Colombia (400K).
Nubank states that Nucoin will be available in rarely 2023, starting in Brazil, and it will be utilized to offer a rewards program to its growing user base. The program is somewhat similar to other popular rewards programs, albeit by leveraging blockchain technology. It was not immediately clear what type of perks, or perhaps monetary rewards, would be made available for Nubank customers.
Nubank has offered crypto trading via Nubank Cripto since earlier this year reporting almost 2 million transactions via the firms app.
Fernando Czapski, General Manager for Nucoin at Nubank, explained they are pursuing a new path to encourage customer engagement:
“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.”
Sandeep Nailwal, co-founder of Polygon, said that having one of the largest financial institutions in the world, offering its own cryptocurrency is a testament to the utility blockchain and crypto have to offer.
Nubank said it will invite around 2,000 customers to participate in the launch of Nucoin. The selection will be made during the months of October and November and will include the most engaged in “NuCommunity.”
Czapski added that Nucoin is another way in recognizing their customers’ trust:
“We want to break paradigms and revolutionize the way companies reward people who use their services,” says Czapski.
