Brazil’s Nubank Set To Launch Digital Currency On Polygon Blockchain

Nubank, a fintech bank based in Brazil, has announced it’s set to launch its own digital token called Nucoin which will be available by the first half of 2023.

The following is an extract from the announcement, Nucoin will be used in the bank’s plans as part of its loyalty program to offer customers discounts and benefits.

Nucoin will be built on the Polygon blockchain.‘’The idea is to use the Technology and technical support of the Polygon network to develop and expand the digital currency,’’ said Nubank in the announcement.

Sandeep Nailwal, the co-founder of Polygon, said in a statement, “One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer.’’ 

The token will be tested by 2000 customers who have been chosen to discuss the details of the project, the decentralization process and the web3 features.

Nubank was founded in 2013 and is one of the most prominent fintech banks in Brazil. Nubank aims to empower people by reinventing financial services. 

Nubank announced in May its partnership with Paxos, allowing its clients to purchase, sell, and store cryptocurrency through Nucripto’s crypto app. 

This move aimed to expand and improve its customer’s access to crypto assets. And could also be an advantage to the company’s upcoming token launch Nucoin, as the bank stated Nucoin would also be traded in the cryptocurrency market.

Additionally, in July, Blockchain.News reported that Nubank’s crypto app Nucripto reached a total of 1 million users. This milestone was already predicted by the firm within one year of the app’s launch.

Nubank isn’t the only Brazilian bank to adopt cryptocurrency. In August, Brazil-based cryptocurrency exchange Digitra.com launched its first digital asset trading platform backed by Nasdaq’s cloud-based crypto trading service.

Image source: Shutterstock

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