Brazilian Digital Bank Nubank Launches: Nucoin Token on Polygon Network
Nubank, the Brazilian digital bank with 70 million customers, has recently launched its Nucoin token on the Polygon Network. The Nucoin token is intended to serve as a rewards mechanism for Nubank customers, offering them a new way to earn and redeem rewards within the Nubank Ecosystem.
The launch of Nucoin represents a significant step forward for Nubank, which has been looking for new ways to engage and reward its customers. By leveraging the power of blockchain technology, Nubank hopes to provide its customers with a more seamless, transparent, and secure rewards program.
Nubank states released a new whitepaper
Nucoin ($NCN) is an innovative utility crypto asset designed to reward customers for engaging with their favourite brands within a loyalty network. In addition, Nucoin holders will receive exclusive discounts on cryptocurrency purchases made via the Nubank app, providing an added incentive for customers to get involved in the network.
Overall, Nucoin represents an exciting opportunity for Nubank customers to engage with their favourite brands and access a range of valuable rewards and benefits.
Customers will be able to earn Nucoin in four different ways:
- An initial airdrop amount determined by their previous history using the platform,
- Raffles held during the first six months after issuance,
- Cashback – customers will receive a fixed amount of Nucoins for every 1 BRL spent with Nubank debit and credit cards,
- Being engaged in the Nucoin community – providing feedback and suggestions on the product, etc.
100 billion Nucoins will be issued, with 80 percent of them allocated to Nubank customers and potential partner companies. Nubank aims to distribute the majority of Nucoins to its existing customers.
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The price of the token will be determined on a supply and demand basis, though the starting value of each Nucoin has yet to be determined.
As of now, Nucoins cannot be withdrawn to digital wallets not hosted by Nubank.
However, customers will be able to trade Nucoins for fiat money with other customers.
But for the time being, all Nucoin transactions will take place within the Nubank app and not on a secondary market.
Fernando Czapski, general manager of Nucoin, said in a statement.
“Nucoin is a revolution co-created by our customers together with partners that strengthen the ecosystem and make it useful inside and outside Nubank.”