Meet Nucoin, Nubank's cryptocurrency with rewards program

The digital bank Nubank announced the creation of its own cryptocurrency. The asset, named nucoin, will be distributed free of charge to customers and will serve as the basis for a new company benefits program. The first units will be delivered to customers of the digital bank in Brazil, Mexico and Colombia, free of charge, already from 2023.

According to the company, which revealed the news this Wednesday morning (19), the nucoins are blockchain-based tokens created in partnership with the platform Polygon, which is carbon neutral. “However, it can also be called a cryptocurrency, because each Nucoin has the same value, is not consumed and has no expiration date. That is, they are only exchanged in transactions.”, explains the company in a statement.

Initially, fintech will inviter about 2 thousand customers to participate in the usage process and dynamics related to Nucoin. According to the company, the selection will take place in the months of October and November and “will include the most engaged in NuCommunity, an online space dedicated to dialogue with customers, and in the use of the company's products and services”.

“We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and encourage engagement with Nubank products. This project is another step that we take because we believe in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in our application”

Fernando Czapski, leader of Nucoin

Whoever is selected will enter an exclusive area in NuCommunity itself. In addition to feedback, the “conversations” phase with customers also serves toto “explore a decentralized product creation process” which, as highlighted by fintech, is a feature of Web3.

How Nucoin, Nubank's cryptocurrency works

O Nubank plan to use the nucoin like a loyalty program. In this format, the customer accumulates tokens and can receive benefits, such as discounts on products or services from the Nubank. However, the digital bank has not yet released further details on all the benefits and uses of the asset. It is likely that we will have more information as its launch approaches.

Largest digital bank in Brazil, with 70 millions of customers, Nubank offers cryptocurrency trading since June, in an operation made possible by Paxos, the company responsible for the custody of digital assets. According to the digital bank, the purpose of creating a cryptocurrency is “offering customers benefits such as discounts and perks as they accumulate our cryptocurrencies”. The company also plans in the future to trade Nucoin on the cryptocurrency market.

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Sources: InfoMoney, Valor Econômico, Value Invest.