Brazil’s Nubank, one of the largest neobanks in Latin America, has announced the launch of its own Nucoin loyalty token backed by blockchain platform Polygon.
Nubank announced the initial issue and free distribution of Nucoin tokens among 80% of its customers. Transactions with Nucoin tokens will be available to users through the Online Application Nubank. Thus, unlike traditional types of crypto assets, the emission and circulation of Nucoin do not imply the formation of a secondary market and the withdrawal of this asset to the private wallets of the bank’s customers.
Despite this, Nucoin owners will have the opportunity to freeze their crypto assets for a certain period of time in order to increase the level of participation in the bank’s loyalty programs, or exchange tokens for cash by offering them to other neobank customers. Recall that the project was announced by the bank in October last year, as part of the creation of a new loyalty program and customer encouragement.
In August last year, a similar initiative was implemented by Mercado Libre, which provides retail and financial services to the brazilian population. The firm issued its own token called MercadoCoin.