Nucoin: the fintech NuBank launches its token with Polygon

NuBanka online banking very popular in Latin America, has just launched its own digital token. Based on the Polygon Edge, Nucoin aims to reward his customers.

Wednesday, the Brazilian NuBank announced the launch of the Nucoin (NCN)a token The token is a “utility” that allows the neo-bank’s customers to be rewarded for their loyalty and their commitment to “their favorite brands”.

With Nucoin, we want to go beyond Nubank Cripto, the in-app buying and selling of crypto-currencies,” the company, which serves more than 70 million people in Brazil, Mexico and Colombia, wrote in a blog post.

Nubank indicates that users who accumulate nucoins will receive benefits such as “discounts.” “In addition, in the coming months, the idea is that customers will be able to buy and sell nucoins with each other in the Nubank app,” says the online bank backed by anti-Bitcoin Warren Buffett.

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Unveiled in the fall of 2022, Nucoin is based on a mechanism Proof of Authority and is powered by Polygon Edge, a framework designed by Polygon to create its own Ethereum-compatible blockchain network.

Our digital currency can also be called a crypto-currency, as each nucoin has the same value and has no expiration date,” Nubank reports.

The fintech explains that it is currently not possible to know the price of the token. This last one will be known at the time of the activation of the option to buy and sell nucoins which is expected to take place in the next few weeks.

“The price will fluctuate based on supply and demand – just like in the crypto-currency market. Nucoin’s offer will be limited as a fixed number of coins will be issued. Demand will depend on the number of customers who join the program and accumulate or purchase nucoins,” the article reads.

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For now, only app users will have access to the tokens. “But the idea is that other companies to become part of the Nucoin network and start offering the digital currency in their loyalty programs,” Nubank says.

In Europe, Revolut also plans to issue a token to reward customer loyalty. The British neo-bank opened a staking service last month.

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