Buffett-backed Nubank Launches Own Crypto Nucoin

  1. Nubank has launched its own cryptocurrency, nucoin.
  2. The token is being issued on top of Polygon’s network.
  3. Nearly 2 million of Nubank’s 70 million customers have already purchased crypto through the platform.

Brazil-based neobank Nubank, backed by renowned investor Warren Buffett, has launched its own cryptocurrency, nucoin. The digital currency is part of Nubank’s push into the growing crypto market, following the debut of crypto trading options on its platform in May 2022.

The initial batch of nucoin will be issued on top of Polygon’s network and some will be distributed to Nubank’s customers as an airdrop, while others will be used for cashback purposes. The move is expected to help the bank attract more customers and increase customer loyalty as cryptocurrencies become more mainstream.

Nucoin will allegedly be distributed to its end users through an airdrop. Notably, of the total issuance, 80% will be directed toward the bank’s customers. The token will be issued on top of the Polygon network and will be primarily used for various activities, according to people related to the issue.

The bank’s cashback program will reward users with nucoin tokens, and the internal raffles will also utilize the cryptocurrency. It’s important to note that nucoin will not have a secondary market, and transactions involving the token will only be available on Nubank’s platform. 

Most importantly, as cryptocurrencies continue to gain popularity, Nubank’s move into this space is expected to help the bank remain competitive and attract more customers. Additionally, nucoin is now available to some of its 70 million customers, with nearly 2 million already having purchased crypto through the platform. 

While the initial price of the currency has not been disclosed, the token is being distributed to customers through an airdrop and will be primarily used for a cashback program and internal raffles. 

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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