Nubank to launch loyalty tokens on the Polygon blockchain

Nubank, a fintech financial institution in Brazil, introduced the creation of the Nucoin token on the Polygon blockchain on Oct. 19, paving the way in which for a rewards program for its 70 million shoppers throughout Latin America. 

The corporate mentioned that the token can be accessible within the first half of 2023, and can acknowledge buyer loyalty and engagement with the financial institution merchandise with out value or charges for its customers. The tokens could be redeemed for perks and reductions on chosen merchandise. Fernando Czapski, the final supervisor for Nucoin at Nubank, said:

“This venture is one other step forward in our perception within the transformative potential of blockchain expertise and to democratize it, much more, going past the acquisition, sale and upkeep of cryptocurrencies within the Nu app.”

As of this month, roughly 2,000 shoppers can be invited to take part in a dialogue of the venture particulars, together with the decentralized strategy of product creation and its Web3 options. “We determined to carry a bunch of shoppers into this co-creation course of exactly to refine our product forward of the general public launch, to make sure we get to a program that really resonates with our clients’ expectations and desires,” famous Czapski. 

“One of many largest digital banking establishments on the planet, providing its personal cryptocurrency is a powerful testomony to the utility blockchain and crypto have to supply,” mentioned Sandeep Nailwal, co-founder of Polygon in a press release. 

In Could, the financial institution introduced a partnership with Paxos to permit its shoppers to purchase, promote and retailer cryptocurrencies via its app, a transfer geared toward increasing and enhancing entry to crypto belongings, eliminating complexity and friction for patrons to purchase, maintain and promote digital currencies via the financial institution’s app, and requiring no new account to open or switch funds.

Earlier this yr, Warren Buffett’s Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and elevated publicity in Nubank, buying $1 billion price of shares after promoting $3.1 billion price of Visa and Mastercard shares mixed.