Nubank, the Brazilian neo-bank backed by billionaire investor Warren Buffet, has launched its crypto coin, Nucoin. In addition, with 80% of the entire issuance going to the clients, the token, which is issued on top of the Polygon network, will be airdropped to end users of the institution.
Nucoin is already available to some of the bank’s 70 million customers, with almost 2 million already having purchased other cryptocurrencies through the platform.
The digital bank Nubank launched Nucoin on Thursday (01), a fee-free crypto for users that functions as a loyalty reward system. The project’s development used Polygon, the blockchain emission for the MATIC token.
While it is unclear whether Nucoin will have a determined price, the bank has reportedly planned future options. Therefore, Including staking programs and coin-to-cash exchange options.
Crypto In Loyalty Programs: A Growing Trend
The introduction of Nucoin continues a rising trend among businesses to include cryptocurrencies in their rewards programs. Mercado Libre, the retail and financial services company, released mercadocoin in August 2022 for its rewards program.
At the launch, mercadocoin had an initial price of $0.10, unlike Nucoin, without an initial value. Using cryptocurrencies in loyalty programs provides several benefits for both customers and companies.
However, customers can receive rewards from valuable cryptocurrencies, while companies can benefit from increased customer engagement and retention.
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Therefore, the launch of Nucoin by Nubank demonstrates the company’s faith in the equality and revolution of blockchain technology. Customers will soon have the option to freeze their Nucoins to advance in the program and unlock further benefits.
Additionally, such as receiving additional Nucoins and bilhetes to compete for prizes or trade their Nucoins for cash with other customers.
The author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.