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, will be distributed free of charge to customers and will serve as the basis for the creation of a groundbreaking rewards program in Brazil.

“We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and foster further engagement with Nubank products”

“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.”

                                             Fernando Czapski, General Manager for Nucoin at Nubank. 

For the project, Nubank decided to collaborate with Polygon Technology, an Ethereum scaling blockchain that improves Ethereum’s functionality while maintaining the security and decentralization of the base layer. As stipulated by the parties, Nubank will make use of Polygon’s technological advancements and technical assistance for the development and spread of the new coin.

“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.”

                                                                          Sandeep Nailwal, Co-Founder of Polygon.

“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 part of the creation process. We want to break paradigms and revolutionize the way companies reward people who use their services”

                                          Fernando Czapski, General Manager for Nucoin at Nubank.

Following standard procedures for blockchain initiatives, Nubank will ask about 2,000 clients to take part in the dynamics surrounding Nucoin. The choice will be made in the months of October and November and will consist of the most active users of the company’s goods and services as well as of NuCommunity, an online forum for consumer discussion. They will have a private discussion on NuCommunity. In this stage, the suggestion is to investigate a decentralized product creation process, a Web3 feature, rather than simply solicit comments.

With the creation of its own cryptocurrency, Nubank hopes to reward consumers with Nucoins through discounts and other rewards.