Nubank Announces Nucoin Launch
Nubank, one of the largest digital banks outside of Asia, has revealed plans to issue its own cryptocurrency called Nucoin during the first half of 2023. The token will be built on top of Ethereum, utilizing Polygon as a scaling layer to enable low transaction fees. Nucoin will be airdropped to all Nubank customers as part of the bank's loyalty and benefits program.
Utility and Positioning of Nucoin
While Nubank did not specify whether Nucoin will have a market value, it explained that the token will allow customers to access discounted prices on Nubank's products and services. This move is aimed at deepening Nubank's engagement with blockchain technology and digital assets.
Executive Insights on Blockchain Innovation
Fernando Czapski, Senior Director and General Manager at Nubank, commented: “This project is one more step that we take because we believe in the transformative potential of blockchain technology and in democratizing it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in our application.”
Nubank's Crypto Journey
Nubank was among the first Brazilian neobanks to introduce cryptocurrency trading services in May 2022, followed by companies like Picpay, Rico, and Itau Unibanco. In August 2022, Nubank announced it was holding bitcoin as part of its treasury. By June 2022, the bank served over 54 million customers; by September, that number reached 70 million, with nearly 2 million customers having purchased crypto through its platform.
Similar Initiatives in Latin America
Nubank is not alone in launching its own token. In August 2022, Mercado Libre, a major e-commerce and fintech giant in the region, launched its own cryptocurrency, Mercadocoin, which is already available for trading.