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Nubank to launch loyalty tokens on the Polygon Blockchain

Nubank to launch loyalty tokens on the Polygon Blockchain

Nubank to launch loyalty tokens on the Polygon Blockchain

Nubank, a fintech financial institution in Brazil, announced the introduction of the Nucoin token at the Polygon blockchain on Oct. 19, paving the manner for a rewards software for its 70 million customers throughout Latin America.

The employer stated that the token could be to be had withinside the first 1/2 of 2023, and could apprehend purchaser loyalty and engagement with the financial institution merchandise without fee or expenses for its users. The tokens may be redeemed for perks, reductions in decided on merchandise. Fernando Czapski, General Manager for Nucoin at Nubank, explained:

This undertaking is some other step in advance in our notion within side the transformative capability of Blockchain generation and to democratize it, even more, going past the purchase, sale and upkeep of cryptocurrencies within side the Nu app.”

As of this month, about 2,000 customers could be invited to take part in a dialogue of the task details, together with the decentralized method of product advent and its Web3 features. “We determined to deliver a collection of clients into this co-advent method exactly to refine our product beforehand of the general public launch, to make certain we get to a software that actually resonates with our clients’ expectancies and needs,” mentioned Czapski.

“One of the biggest virtual banking establishments withinside the world, presenting its very own cryptocurrency is a robust testomony to the application blockchain and crypto ought to offer,” stated Sandeep Nailwal, co-founding father of Polygon in a statement.

In May, the financial institution introduced a partnership with Paxos to permit its customers to buy, promote and save cryptocurrencies thru its app, a moved the aimed to enlarge and enhance get right of entry to crypto assets, disposing of complexity and friction for clients to buy, preserve and promote virtual currencies thru the financial institution’s app, requiring no new account starting or switch of funds.

Earlier this year, Warren Buffett’s Berkshire Hathaway dumped a part of its Visa and Mastercard holdings and multiplied publicity in Nubank, purchasing $1 billion really well worth of stocks, after selling $3.1 billion really well worth of Visa and Mastercard stock’s combined.

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