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Nubank launches loyalty token, Nucoin

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As per report, popular fintech bank, Nubank has launched its loyalty token, Nucoin on Polygon blockchain. Worth noting, the Brazil-based firm intends to explore the native crypto as part of its customer reward strategy. Nubank, according to the report, is expected to fully unveil the loyalty token by mid-2023.

Occasioned by this loyalty token, Nubank plans to avail numerous customers benefits, including discounts and perks in selected products when redeemed. This thus means it is developed to recognize the loyalty of customers with its product offerings.

General Manager for Nucoin at Nubank, Fernando Czapski, in a statement, reportedly says the new initiative authenticate the firm’s strong belief in the “transformative potential of blockchain technology and the need to democratize it, even more, going beyond the purchase, sale and maintenance of cryptocurrencies in Nu app.”

Nubank to select 2,000 customers to discuss the project details

Meanwhile, Nubank plans to select at least 2,000 customers to participate in the discussion of the project details next month. According to Czapski, the fintech bank decided to “bring a group of customers into this co-creation process.” The General manager believes that this will help to refine the token ahead of its public launch. More so, Czapski said the participation of the customers in the project details tends to help the firm know if it meet their expectations and needs. As of press time, the banking leader enjoys the patronage of over 70 million customers.

Further, the co-founder of Polygon, Sandeep Nailwal extols the potential of blockchain and crypto innovations. Nailwal said, “one of the largest digital banking institutions in the world, offering its own cryptocurrency serves as a strong testament of the utility enveloped in blockchain and crypto.”

Interestingly, Nubank, with this development, joins the list of financial institutions launching their native cryptocurrencies. Recall that MercadoLibre INC, in August, also unveiled its loyalty token. The South American e-commerce giant designed the token, mercadoCoin to become tradable on exchanges. More so, the token’s value usually fluctuates, just like other cryptocurrencies.

Similarly, JPMorgan, a global leader in financial services also launched its native token, JPMCoin. As reported, the token runs as a stablecoin, maintaining a one-to-one peg to the U.S dollars.

Nubank, as reported, has been unrelenting in its quest to improve its offerings. Recently, it partnered Paxos to allow its customers buy, sell and store cryptocurrencies. This move consequently enhances accessibility to cryptocurrencies. Also, it removes the complexity, earlier enveloped in the process of buying, selling and holding crypto assets.

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