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Nubank, one of Brazil's largest digital banks, has introduced a customer loyalty program with its own cryptocurrency token.
A report by portal specifies that nucoin will have 100 billion units and a parachute plan for the loyal clients of nubank. According to the report, nucoin will function as a points scheme, but cannot be removed from portfolios outside the bank's system.
Nucoin Developed With Polygon
Polygon, the company behind , developed Nucoin. As per the , 80% of the 100 billion nucoins created will go to customers. This includes clients of nubank and others who may join the program in the future.
In particular, nucoin transactions will be conducted within the nubank application in a manner similar to the purchase and sale of cryptocurrency. Nubank green-lit a trading outlet for Bitcoin and Ethereum back in May 2022. However, there is currently no aftermarket for the bank's crypto token. Users also do not have the ability to transfer units to their external personal wallets.
In October 2022, the Brazilian bank and Polygon announced the token with a pilot run of 2,000 users. It would now reach around 70 million Brazilian customers.
Nubank, the largest #FinTech institution in Latin America, joins a long list of global companies like Robinhood, Starbucks, & Stripe that choose Polygon as their entry point to Web3.
Nubank's goal is to develop a token economy to reward their most loyal customers with Nucoins.
— Polygonous (@0xPolygon) October 19, 2022
Under the program, clients could freeze or even trade their Nucoins for money or other benefits in the future.
Neobank delivered positive results in the fourth quarter.
Customers can receive coins in four different ways, according to Nubank: through initial delivery, cash back, raffle tickets and customer engagement. Last week, digital bank Warren Buffett and Softbank released their Q4 results due to strong client demand.
In Q4, the digital lender’s gross earnings increased 137% to $578.3 million, reported Reuters
(OFFICIAL) Buffett-backed Nubank's quarterly profit surges amid robust customer demand https://t.co/b8fkzVMdA3pic.twitter.com/cl3oo5dM6B
— Reuters (@Reuters) February 15, 2023
Founder and Chief Executive David Velez said, “Despite the macroeconomic challenges of 2022, Nu was able to beat every key metric: maintained accelerated growth, gained share in products and markets,”
That said, the neobank has indicated in the past that it would introduce more cryptocurrencies, in addition to BTC and ETH, to expand customer trading options.
