Brazilian neobank Nubank has announced the launch of its own cryptocurrency, Nucoin, on the Polygon Network. The neobank, which provides innovative financial services, added cryptocurrency purchasing and trading options to its mobile app in mid-2022. Nubank later revealed plans to create its own cryptocurrency in partnership with Polygon, stating the potential of blockchain technology.
Brazil has been an early adopter of cryptocurrencies, with a crypto bill passed to establish a regulatory framework for the industry and initiatives for developing the central bank digital currency (CBDC). As a leading neobank in Brazil, Nubank’s move into the crypto space will likely help it expand its client base.
Nucoin will be distributed to Nubank customers through a mass airdrop, with 80% reserved for existing users. Nubank claims to have around 70 million customers, with two million involved in crypto activities. The launch price for Nucoin is currently undisclosed.
Nubank will use Nucoin as a payment method within its ecosystem, allowing customers to use the native token issued on the Polygon network to pay for Nubank services. The Nubank mobile app will also provide customers with the ability to purchase, sell, and store Nucoin. The bank is working on developing further features for Nucoin, such as staking and cash exchanges. The launch of Nubank’s cryptocurrency reflects the growing interest in crypto assets and marks a notable event for financial technology and blockchain adoption in the region.
