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Nubank to launch loyalty tokens on Polygon blockchain

by Chief editor

Nubank, a Brazilian fintech bank, announced the creation of a Nucoin token on the Polygon blockchain as part of its customer rewards programme.

The tokens will be available in the first half of 2023. They will recognise the loyalty of customers who use Nucoin products. There will be no cost to users. The tokens will be redeemable for perks and discounts on selected products. Fernando Czapski, Nucoin’s CEO at Nubank, remarked:

“We believe in the transformative potential of blockchain technology and its even greater democratisation beyond buying, selling and servicing cryptocurrencies in the Nu app.

Around 2,000 customers will be invited to participate in discussions on the details of the project, including the product creation process and its Web3 features.

“We decided to involve a group of customers in this process precisely to refine our product before the public launch to ensure that we get a programme that truly meets the expectations and needs of our customers,” said Czapski.

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

In May, the bank announced that it was working with Paxos to allow customers to buy, sell and store cryptocurrencies through the bank’s app without opening new accounts or transferring funds unnecessarily.

Earlier this year, Warren Buffett’s Berkshire Hathaway increased its stake in Nubank by buying $1 billion worth of shares after selling $3.1 billion worth of Visa and Mastercard.

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