Nubank, the largest Brazilian digital bank by market value, plans to release its own token next year in Brazil, Colombia and Mexico, the company announced Wednesday.
The token – called nucoin and built on Polygon – will be available for Nubank’s 70 million users in the first half of 2023, the company said in a statement, adding that it will be distributed freely and used to offer discounts and perks.
“We are opening a door to the future,” said Fernando Czapski, general manager for nucoin at Nubank, in a statement. “Nucoin is a new way to recognize customer loyalty and encourage engagement with Nubank products.”
Prior to the launch in the fourth quarter of 2023, Nubank plans to select 2,000 users to test the token feature and give feedback, with the purpose of decentralizing the product creation process.
"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,” Czapski said.
Nubank introduced its crypto trading platform in Brazil in June and reached 1 million users one month later.
In August, Mercado Libre (MELI), Latin America’s largest e-commerce company by market cap, launched its own cryptocurrency in Brazil – Mercado Coin – which can be used to make purchases on Mercado Libre and as cash back on purchases.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.