Nubank launches its own cryptocurrency with Polygon to power loyalty & rewards for customers
The Company invites customers to participate in the development of the product, in line with the principles of Web3
Oct 19 , 2022
São Paulo, October 19, 2022 – Nubank, one of the largest digital financial services platforms in the world with over 70 million customers across Latin America, announces today the creation of Nucoin, its own cryptocurrency on the Polygon blockchain network. The company’s tokens are expected to be launched in the first half of 2023, and will be distributed free of charge to customers and will serve as the basis for the creation of a groundbreaking rewards program in Brazil.
For the development, Nubank chose to make a partnership with Polygon Technology, the Ethereum scaling blockchain that enhances the functionality of Ethereum while retaining the base layer’s security and decentralization. As agreed between the parties, Nubank will use Polygon’s technology and technical support for the evolution and expansion of the new cryptocurrency.
“We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and foster further engagement with Nubank products”, says Fernando Czapski, General Manager for Nucoin at Nubank. “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: “The fact that one of the largest digital banking institutions in the world is offering its own cryptocurrency is a strong testament to the utility that blockchain and crypto have to offer. Nubank’s customer loyalty rewards program, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, whilst acknowledging the shift happening in the traditional financial space.”
Adhering to common practices in blockchain projects, Nubank will invite around 2,000 customers to participate in the process and dynamics related to Nucoin. The selection will be made during the months of October and November and will include the most engaged members of NuCommunity, an online space dedicated to dialogue with customers, and in the use of the company’s products and services. They will discuss ideas in an exclusive area in NuCommunity. In this phase, more than feedback, the proposal is to explore a decentralized process of product creation, a feature of Web3.
“Nubank was born to simplify the financial lives of customers, who are at the heart of everything we do. Nucoin is yet another way of recognizing the 70 million users who trust our products by bringing some of them to be part of the creation process. We want to break paradigms and revolutionize the way companies reward people who use their services”, says Czapski.
Nubank’s goal with developing its own cryptocurrency is to offer customers benefits such as discounts and perks as they accumulate Nucoins.
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