Nubank, a fintech founded in 2013 with a mission of expanding access to financial services, is partnering with Polygon to launch its cryptocurrency token and leverage the democratizing power of Web3.
Nucoin will be powered by Polygon Supernets technology, which allows for the creation of application-specific, scalable, and customizable blockchain networks. Nubank plans to airdrop the digital token to its customers in the first half of 2023. These tokens will serve as the basis for its customers loyalty rewards program and will have benefits such as discounts and other advantages.
To kickoff, Nubank will be inviting 2,000 users to actively take part in the co-creation of Nucoin. The participants will be selected from the most active and engaged members of NuCommunity, an online forum for Nubank customers. The selection will take place between October and November.
“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app,” said Fernando Czapski, general manager for Nucoin.
Nubank, backed by investors like Warren Buffett’s Berkshire Hathaway and SoftBank, is one of the world’s largest digital banking platforms with over 70 million customers across Brazil, Mexico and Colombia. The company’s crypto trading platform amassed over 1.8 million users since its launch at the end of June.
Nubank joins a long list of global companies like Starbucks, Robinhood and Stripe that choose Polygon as their entrypoint into Web3 and an ecosystem of over 53,000 decentralized apps powered by a suite of Polygon solutions. The partnership with Nubank is only the first of many activations planned by Polygon in Latin America.
Polygon Supernets removes the complexity of blockchain development by providing premium support to help partners build their own chains, without the hassle of maintaining blockchain infrastructure. Projects like GameSwift are already using the product to quickly set up custom, high performing networks.
“One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer,” said Sandeep Nailwal, co-founder of Polygon. “Nubank’s customer loyalty rewards program, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, while acknowledging the shift happening in the traditional finance space.”
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