Nubank, one of the largest digital financial services platforms in the world, announces the launch of Nucoin, “a free-of-charge native crypto token that rewards users’ engagement through a loyalty program.”
First announced in late 2022, the novelty was “developed through a decentralized creation process, gathering input from key members of the online NuCommunity and crypto experts.”
Now, it will be gradually “made available to Nubank’s more than 70 million customers in Brazil through an initial airdrop, starting later this month.”
Staying true to Nubank’s user-centric philosophy, Nucoin’s ecosystem is “centered around customers by giving them the power to decide how to handle the tokens they earn.”
Customers will “have the option to freeze their Nucoins to level up in the program to unlock further benefits (such as coinback rewards and lottery tickets) or to trade Nucoins between other customers for cash, which will be available in the coming months.”
Over time, the number of benefits available to customers who freeze Nucoins is “expected to grow both within Nubank and with external companies that are expected to join the network.”
Fernando Czapski, General Manager for Nucoin at Nubank, said:
“Nucoin is a loyalty revolution co-created by our customers and partner companies who will strengthen the ecosystem by bringing more and more utility to Nucoin inside and outside of Nubank. We expect to see many further developments as Nucoin is out there in the market and blockchain technology expands its reach.”
To enable Nucoin’s availability, Nubank joined forces with Polygon Labs, “the development and growth team for the decentralized Polygon protocol.”
Nubank leverages Polygon’s technology and technical support “for the evolution and expansion of the new cryptocurrency, tapping into the robust security and decentralization of the Ethereum network.”
For Nubank customers in Brazil, earning rewards using Nucoin is “a simple and straightforward process using the Nubank app.”
In this first stage, customers will be able to:
- Receive an initial airdrop: get free of charge Nucoins in recognition of their previous history with Nubank;
- Lottery: in the first six months, unlock up to 50 lottery tickets to earn prizes of up to R$ 1 million;
- Coinback: receive a fixed amount of Nucoins for every R$ spent with a Nubank debit or credit card as well as on the purchase of any crypto on the Nubank app;
- Active community: for the most engaged customers, it will be possible to give suggestions and feedback about the future of the Nucoin protocol and product.
Over time, Nucoin is “expected to introduce further benefits and perks to customers, as the loyalty program and NuCoin ecosystem will constantly evolve.”