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Warren Buffett-backed neobank Nubank launches its own currency Nucoin – Exchanges

Warren Buffett-backed Nubank, a Brazil-based neobank that launched crypto trading options on its platform back in May 2022, announced the launch of Nucoin, its own cryptocurrency, announced. Part of the first batch of currency through the network of polygon issued will be issued to its customers as an airdrop and for cashback purposes.

Nubank launches Nucoin cryptocurrency

Warren Buffett-backed Nubank, one of Latam’s largest digital neobanks, has announced the launch of its own cryptocurrency called Nucoin. The token issued on top of the Polygon network is airdropped to the institution’s end-users, with 80% of the total issuance directed to customers.

According to local reports, Nucoin will be key to several activities going forward, including setting up a cashback program where users will receive rewards in the form of the token and running internal Nucoin raffles. Nucoin will not have a secondary market as transactions using the token will only be available on Nubank’s platform.

Nucoin is already available to a portion of the 70 million customers the exchange reports reached back in September, with nearly 2 million buying crypto. The initial price of the currency (if it will have a fixed price) has not been disclosed by Nubank.

More options

According to local outlets, Nubank will present more options for its currency, including staking programs that allow customers to freeze their Nucoins to get more Nucoins over a period of time, or to get more tickets to internal raffles. Reportedly, there will be a future option to exchange Nucoins for cash through the platform.

The issuance and launch of Nucoin comes as no surprise to some, as the company has been working on the initiative since October, when Fernando Czapski, senior director and general manager at Nubank, stated that the company is working on the “transformative potential of the Blockchain-Technology” faith ” and in its democratization.

The initiative is similar to that carried out by retail and financial services company Mercado Libre in August last year, when the organization also released its own cryptocurrency called Mercadocoin to be part of its loyalty programs. However, Mercado Libre set an initial price for its token, estimated at $0.10 at the time of its launch.

What do you think of Nubank issuing its own cryptocurrency in addition to Polygon? Tell us in the comment section below.

Warren Buffett-backed neobank Nubank launches its own currency Nucoin – Exchanges, Crypto Trading News

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially affected by the cryptocurrency boom. He offers a different take on crypto’s success and how it’s helping those who are unbanked and underserved.

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Source: Crypto News Deutsch

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