Advertisement
AD

Main navigation

Polygon (MATIC) Helps Brazilian Digital Bank Launch Nucoin Crypto, Here's Curious Thing

Advertisement
Thu, 2/03/2023 - 11:49
Polygon (MATIC) Helps Brazilian Digital Bank Launch Nucoin Crypto, Here's Curious Thing
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents
Advertisement

While central banks of various countries are thinking of launching CBDCs, separate digital banks have begun releasing their own crypto, getting ahead of central banks.

Recently Nubank, a digital bank based in Brazil, has launched Nucoin in partnership with Polygon for its 70 million customers. This is not the first project of the kind that has been carried out in Brazil over the past year.

100 billion Nucoins, but there's a catch

According to the press release, Nucoin digital bank has issued its own crypto dubbed Nucoin in the amount of 100 billion that is intended to be used only by the bank's clients — 70 million of them.

The crypto was developed using the Polygon blockchain, the issuer of the MATIC token. This crypto will work as part of a customer loyalty program. It will be granted to clients as bonuses to be used within the bank, as not a single Nucoin will be allowed for withdrawal to a third-party wallet.

There will be no secondary market for this cryptocurrency, but 80% of the emittance will be given out to the bank's users. They will be able to use it within the ecosystem of Nubank itself and other companies that will partner with it to join the ecosystem in the future. All Nucoin transactions will take place within the Nubank mobile app.

Initially, the project was announced in 2022.

The initiative of Nubank is similar to that of Brazilian e-commerce behemoth Mercado Libre, which also launched a cryptocurrency in August 2022. Mercado Coin was made to be used in purchases on the Mercado Libre platform, and users will also be able to receive it as cashback on items they buy.

Related
Dogecoin Gains Traction, Whales Hold Billions of DOGE at These Levels: Analyst

Benefits for Nucoin holders

The bank’s press release says that clients will be offered the option to freeze their Nucoin tokens to level up in the loyalty program. This will make them eligible for more of various benefits — getting more Nucoins or tickets in order to compete for prizes from the bank and its partners.

There also might be an option for clients to exchange Nucoins for cash with other customers of the bank.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
RHUNA Launches to Revolutionize the Events and Entertainment Industry with Fintech Innovation
Our social media
There's a lot to see there, too

Popular articles